Fixed Rate Mortgage Does Not Show Repayment Fee After Initial Period

A question about : Fixed Rate Mortgage Does Not Show Repayment Fee After Initial Period

My mortgage proposal for a 2 year fixed interest mortgage -after which it becomes variable- shows an early repayment fee of 3% in the first year and an early repayment fee of 2% in the second year.

It does however not state what the fee will be after that period has passed. There is a chance that I might be in a position to repay the full amount after 2 years, so I'm curious to know how this works. I read my documents three times now, but nowhere does it state anything on this.

Thanks for any and all advice.

Best answers:

• If you do nothing there'll be no fee to pay. As by default you'll move onto a Standard Variable Rate (SVR). The only cost you'll incur will be the mortgage redemption fee for closing the mortgage account. Varies from lender to lender though will be in the region of Ј150.
• Wow, so I can just pay it off after 2 years with no cost at all? I guess it is a one time opportunity only though? So if I can't do it right there and then and move on to a new product, I'm tied to that as of that point?
• Depends what you move to. We knew we'd be in a position to massively overpay when we took out our mortgage so we went for a super flexible lifetime tracker with unlimited overpayments allowed. If you go for a fixed rate you will get a large fee though.