fixed rate nearing end.

[Rob13]

We are coming to the end of our fixed rate agreement, and so we will be looking to secure a new deal. We have 30 years to run. I want to drop this to 25 years but also pay in a lump sum so that we can reduce LTV to around 80% as the fall in house prices looks to have lost us some equity.
Can both a lump sum payment and a reduction in the term be made without incurring additional charges?

[Sarnie]

You have mail.

[Rob13]

Thanks for that, will bear you in mind when we get closer to switching

[scotal]

The quick answer is that it depends on the terms of your mortgage.
However most mortgage firms will allow a 10% overpayment without fees during the fixed rate period.
Most will allow you to cut the mortgage term at anytime. (If you are with nationwide they allow £500 per motnh on most mortgages)
Assuming your early repayment charges or tie ins end at the same time as your fixed rate then when you come to remortgage you can do what you like when setting up the remortgage, you simply have to apply for the right amount and liase with the solicitor to make sure the money is all in the right place for redemption of the old mortgage.