Mortgage overpayment

[Howmuchhowlong]

If anyone could explain this to me in simple words I would be very grateful!

My mortgage is due to be repaid in 2030. I switched to a new 2 year deal this time last year and since then have been overpaying by £150 a month (within the overpayment limit) and planning to continue. I thought the term would reduce but on my app it still shows with the original repayment date in 2030. I'm crap with figures so just want to know if I keep up these payments when the mortgage will be repaid, do I just have to wait until it's time to switch deals again and the term magically changes?

Term stays the same, but the interest you pay overall will be a lot less.

Sorry if this is a really stupid question, but I don't have a scooby. If I'm paying more, repaying from the total faster how would the term stay the same?

Your mortgage will hit zero before 2030.

the term stays the same because it's set at the outset.

The term remains the same. Your monthly payment will stay the same whilst your deal continues, presuming it’s a fixed rate. When the rate finishes your monthly payment will probably reduce, depending on the new interest rate but the number of months you have remaining remains the same.
It may eventually get to the stage where you’ve overpaid so much that the balance reduces to zero before the term ends.
You are doing it the correct way, you have the flexibility to pay it off early rather than reducing the term and being committed to a higher amount

Aaaaaahhhhh lightbulb moment

That makes sense! Hadn't thought of the term being preset and that the balance could run down ahead of it.

Thank you all so much!

I looked into this recent and with my mortgage I have a choice to either reduce the balance and third monthly payments (default) or reduce the term (which you had to contact the bank to do).

If you look on martin lewis website you can put your figures into the overpayment calendar and it will show you what a difference the overpayment is making and when you will pay it off.
I cant alter my term because my circumstances changed after mortgage was taken out and they wouldn't accept a new mortgage application so I just leave the term as is but know I'll have payed off my mortgage well before the term end date.