Overpayment on I/O

Hi. I have made a £24000 lump sum payment off my I/O mortgage but my monthly mortgage payment has remained the same. Surely as I don't owe as much I should be paying less interest each month or am I wrong in my thinking please. 


  • savingholmes
    savingholmes Posts: 26,850
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    You should ring them up and ask about it - as it does seem unusual. It may be that they have reduced the term of your mortgage instead. Some mortgages you have to specify how you want them to treat overpayments.
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