Looking for some feedback on my mortgage!

mjsmith1973

Hi All
Currently got an interest only mortgage on my house that's valved at roughly £275,000.
I have a fixed rate at 2.39% at roughly £372pm with roughly £186,000 remaining on mortgage.
At the moment I'm making over payments of £500pm.
Looking for advice if this is my best way to reduce mortgage, only thing is it might not always be possible to make this much of an overpayment?
Any feedback or advice would be gratefully appreciated.
Cheers
Mick

dimbo61

Well from my simple maths £500 X 12 =£6,000 a year.
10 years equals £60,000 and 30 years equals £180,000
As you have an IO mortgage if you don't reduce the debt every month you will end up with a large debt when you come to retire and will have to sell your home and move into a rental property.

dimbo61

Hi,
Had a quick look on "whatsthecost" and put in your mortgage £186,000 over 25 years at 2.39% and it comes out with £825 a month.
Interest rates will rise so overpay now if possible