Mortgage overpayment and remortgaging

[Fitforforty]

We will soon be out of our fixed term and are looking to remortgage. Can we take less than we currently owe and put down more deposit? The amount we want to over pay by is more than the 10% we are currently allowed to over pay by without occurring penalties.

Out of your fixed term there shouldn’t be any overpayment limit? Because remortgaging is essentially just one massive overpayment of the total balance.

I think, that’s how our 2 fixes have been

I’d agree with the pp once you are out your fixed term then you can overpay without penalties. That’s how mines is.

Thanks. I will check so it makes sense to come out of the fixed term and make a big overpayment and then remortgage.

Yes exactly as you have said. As soon as the fixed term ends, so will the restrictions on overpaying by 10%. So you could whack an overpayment into it at that point, then find a new fixed term deal