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@.

    • ostaragirl
    • By ostaragirl 18th Jan 13, 7:25 AM
    • 246Posts
    • 1,446Thanks
    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
    • 246 Posts
    • 1,446 Thanks
    • #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 is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

57Posts Today

2,913Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin