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A very basic question: how does overpaying work? I know what the limits are for how much I can overpay, but do you have to spread this out each month or can you make one massive payment near the end of your fixed term? That would allow me more flexibility because presumably once the money is paid in it's not easy to get back out without remortgaging.
lemonade-
You can pay whenever you like but the sooner you pay the sooner you start saving interest (obviously). If you reach your repayment charge limit clearly you can do it at remortgage time (just borrow less)
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The terms vary from different lenders, but my terms are that I can overpay by anything up to 10% of the remaining balance of the mortgage every year, this can be made regularly each month or a lump some at any time.
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You call them up and tell them how much you want to overpay and when.
They then tell you if that will trigger a fee
They can set up a standing order or a one off payment
Getting the money back is usually OK - just ask them what the process is.
NickCJ
Gewürzt
Howard
This was discussed a few pages back. There's a chance you can get a better return elsewhere but dumping money into overpaying your mortgage is probably safest.
The other thing is that if you throw enough money at it you may get a better LTV band when you renew which will get you better rates.