Mortgage Neutral Date Approaches....

Freddykrueger69

This Thursday I am making a payment to my offset mortgage that will officially mean I will be mortgage neutral - essentially my mortgage outstanding balance will be 139K and the offset savings I have will be 139K.

Up until now I have made regular overpayments each month of £500 along with the usual mortgage repayment of £1100.  

I have a couple of stupid questions....

1.  Mortgage product is fixed until Feb 2025 so I assume no benefit in actually paying it off as this will wipe the savings balance and probably early repayment fees?
2.  Assume I just stop the £500 overpayment after Thursday?
3.  What happens on a monthly basis - do I just continue with £1100 monthly repayment then withdraw from offset balance accordingly and do this each and every month?
4.  Anyone in a similar situation what do/did you do with this extra money each month?

I am sure I will have more questions but this is an exciting moment and just want to make sure I don't take any silly mis-steps.

born_again

TBH.
You would be better to ring lender, as not all are equal.

Freddykrueger69

born_again said:

TBH.
You would be better to ring lender, as not all are equal.

Yes I just checked the product fact sheet and I would have to pay an ERP so ignore question 1