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Overpayment on I/O
annebsquire16
Posts: 1
Newbie
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.
0
Comments
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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.Achieve FIRE/Mortgage Neutrality
1) MFW Nov 21 £202K now £165K Equity 38.88% 6/9/26
2) £1.5K Net savings after CCs 29/8/26 (but owed £130) so £1.6K
3) 47/82K @29/8/26 = 57.31% AVC Goal by mid 20280
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