Weekend at Bernie's sequel in which Andrew McCarthy's Larry is fighting his ex-wife for custody of their son. When the boy is killed in a freak accident during a visitation weekend, Larry launches his most outrageous deception yet, going to increasingly ludicrous lengths to convince his ex-wife, and the judge, that the child is still alive.
Hi. Our five-year fixed term is ending soon (no complaints; happy to have enjoyed a low rate knowing an increase was coming) and I've always just previously launched into the next best five-year deal I can find, as I prefer the security of knowing what my outgoings will be for the foreseeable future.
However, my current lender is now offering me a 2-year tracker at 3.99% (BEBR + 0.24%), which is much lower than the next best five-year fixed I seem to be eligible for (4.65%).
This is better than I was expecting, so I'm very tempted to sign up. Obviously, the BEBR could rise, and along with it our mortgage payments, but the wording of the agreement is such that I don't see many downsides if I act quickly enough down the line.
>Overpayment allowance - 100%
>This is how much of your mortgage you can overpay without any early repayment charges. You can choose to make an overpayment at any time, for any amount within the overpayment allowance. We reset your allowance every 12 months, but the first reset might happen sooner.
I'm not quite sure what this means, and others I've spoken to aren't either. It doesn't say "how much of your monthly mortgage payments", just "of your mortgage" - so does this mean I can repay the entire balance whenever I want with no early repayment charge, or does it mean I can only overpay double the normal monthly payment?
Sorry if this is a daft question; I've just never not been on a fixed rate. If I'm interpreting all this correctly can I just switch to a different lender/mortgage with no penalties if the BEBR starts to rise?