Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • ostaragirl
    • By ostaragirl 18th Jan 13, 7:25 AM
    • 251Posts
    • 1,446Thanks
    ostaragirl
    overpay interest only mortgage?
    • #1
    • 18th Jan 13, 7:25 AM
    overpay interest only mortgage? 18th Jan 13 at 7:25 AM
    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?
    MFW July 14 overpiad 22,000 was 103k now 81k - aiming for 75k by Dec 14

Page 1
  • happycamel
    • #2
    • 18th Jan 13, 2:51 PM
    • #2
    • 18th Jan 13, 2:51 PM
    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
    • ostaragirl
    • By ostaragirl 19th Jan 13, 5:26 PM
    • 251 Posts
    • 1,446 Thanks
    ostaragirl
    • #3
    • 19th Jan 13, 5:26 PM
    • #3
    • 19th Jan 13, 5:26 PM
    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.
    MFW July 14 overpiad 22,000 was 103k now 81k - aiming for 75k by Dec 14

Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

356Posts Today

2,028Users online

Martin's Twitter
  • Warning: From tomorrow (thur) if you watch BBC iplayer, even if only catch up, you need a TV licence. Full info.. https://t.co/OT9XiQvKGQ RT

  • M'weekly email: free £25M&S, iPlayer warning, free seeds & KFC, overpay mortgage, Sky codes, 26 motoring tips, Apple https://t.co/bS4J70hBbx

  • Do you support renationalisation of rail, water, energy, etc. Pls VOTE which services you'd renationalise... https://t.co/aJrVNR5Bxa

  • Follow Martin