overpaying on an interest only mortgage

dimbo61

Is the fixed rate at 5.89% for the rest of the term IE 17 years ?
Can you afford to overpay by the full £500 a month as you wont get a savings rate to match your mortgage interest rate !
A good website is "whatsthecost" and play with your mortgage rate and years to get £850 /£1000 a month

saram613

No the mortgage is fixed at 5.89% for a further 2.5 years. I cant afford an overpayment of £500 just the £350.

Thank you

andrewmp

VIGILANT22 wrote: »

if 500.00 is 100%, then 350.00 is 70%, most (not all) fixed rate mortgages only allow you to overpay by 10%.......

I think you're getting mixed up. It's 10% of the outstanding captial owed usually. In this case it would be circa £10,000 per year, much more than £350 per month.