Overpaying interest only mortgage - any point?

[ADifferentMe]

My fixed rate deal comes to an end soon and my repayments will halve. I was going to carry on paying the same amount, but does the overpayment come off the capital?

Hope there's someone clever out there!

best to ask your mortgage lender direct. I would think so.

Do you have any other repayment vehicle in place?

If not, I would think overpaying is a very very good idea (better still, switching to a repayment mortgage when your deal does end)or you will still owe the bank the full amount you borrowed in 25 years (or whatever).

Thanks Molly, we do have endowments (groan emoticon needed) so intended to swap part over to repayment to make up for the shortfall.

Be careful - any over-payments you made will probably be treated as advanced interest payments, rather than coming off the capital, unless you specifically tell them to take it off the capital. If your interest is calculated yearly, there's no point over-paying each month either - pay any extra you can afford into a savings account, then once a year pay a chunk off your mortgage.

What titchy said.

Thanks, Titchy & Co, that was what I was worried about.