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overpay interest only mortgage?
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# 1
Old 18-01-2013, 7:25 AM
MoneySaving Stalwart
Join Date: Jun 2010
Location: North Scotland
Posts: 219
Default overpay interest only mortgage?

I'm new to the concept of overpaying but it's something I would very much like to do.
I have an interest only mortgage with Coventry and just wondered if it's possible to do that/ and where would I start with it?
Should I contact them and ask, is it as simple as that?

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# 2
Old 18-01-2013, 2:51 PM
MoneySaving Stalwart
Join Date: Jul 2010
Location: UK
Posts: 583

With intest only you could pay more in to your capital repayment vehicle or pay the debt of directly to the lender. The less risky option is the latter. You just need to contact them and ask how to do it and if there are any overpayment charges or restrictions (unlikely on IO). You could convert part or all of it to repayment. If you stay on IO then as your interest drops it would be best to cycle that in to OPs or into your repayment vehicle.
I'm a qualified accountant but please make sure you get expert advice as any opinion is made in a private capacity.
"A goal without a plan is just a wish" Antoine de Saint-Exupery

Mortgage overpay 2012: £10,815; 2013: £27,562
Mortgage start £264k, now £232k
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# 3
Old 19-01-2013, 5:26 PM
MoneySaving Stalwart
Join Date: Jun 2010
Location: North Scotland
Posts: 219

Thanks, I've been reading some of the literature they have just sent with the annual statement and I'm thinking of changing it to a repayment. I reckon I really need to see a financial adviser so I'm going to find out if there are any in my area as I have loads of pension questions too and I think it's way over my head understanding what to do.

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