End of Fix versus end of actual mortgage

HturRolyat

Our current mortgage fix ends in about 6 months time, by which time we will only have about another 9 months to pay on our mortgage as a whole. I had naively assumed that we would be able to get some sort of bespoke length fix for this kind of interim period, but apparently not. With the relatively recent interest rate rises our payment went higher with this fix so we can't really afford to overpay significantly, but I'm concerned that we are going to get stung paying the standard variable rate for those final few months. Is there anything i can do?

MWT

Have you checked what your payments will be by then on the standard variable rate?

Generally by this point the vast majority of your monthly payment is capital so the change in interest rate only has a minimal impact...

Chemistry777

Same situation as you and with Nationwide they will not do any further offer for a term less than 2 years.  Seems this is the norm.   As stated above when we did the maths the change in interest per month was relatively peanuts even when you get shunted on to their SVR.

saajan_12

Can you extend it to a 1 or 2 year term, and hence low monthly payment, and then massively overpay, so you still finish in the 9 months as planned? That'd need something without ERCs though, so perhaps a tracker rate but hopefully better than the SVR. 

eschaton

We can’t be talking about much money here? Especially for a mortgage in the grand scheme of things. 

Rough calculations here as your post lacks any information. 

Say you pay £1000pm and were looking at a fix of say 4.5% against a variable of say 7%. 

In interest there’s going to be less than £100 of a difference without any overpayments.