Fixed deal to end of mortgage?

[greyinganddecaying]

Possibly stupid question, but here goes...

Our mortgage deal ends in 9 months. We'll have just under 4 years until it's all paid off at this point (I know we're lucky to be in this situation).

When I've been looking at possible new fixed deals, my current provider won't let us apply for a fixed deal for 3 years, if we only borrow over 3 years, ie with no switch to variable rate at the end. The minimum loan period is 5 years for a 3 year fixed deal.

Is this usual? I'm trying to get the best deal and want to reduce the mortgage term if I can, but this is confusing me.

Not sure I understand 'minimum loan is 5 yrs for 3 yr fixed deal'

There are 3 year deals available on the market, albeit 2 and 5 are more common. There's no obligation normally to roll onto a variable with same lender

Do they allow overpayment? Could you take the fixed for 3 over 5 years and overpayment, so you have very little balance at the end? That's what I would do of I could.

Thanks - I think that might be the only option, depending on their limits on overpayment.

I'm probably going to need to have a conversation with them, but it's a bit too far in advance at the moment.

If you take a 3 year fix with a five year term and overpay as much as you are allowed without penalty (save any extra money you would overpay if it wasn't for the early repayment charge, there are regular savings accounts that match or even beat typical mortgage interest rates) at the end of the next fix you'll owe hardly anything so then you just roll over on the SVR, throw your savings at the balance and pay off in a few extra months at most so it doesn't matter if the rate isn't the best available.