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the payments are going down - @dt nailed it. the day counts are different per month, and mortgage repayments tend to be calculated on an Actual/Actual daycount basis
Nov 17 - 30 days
Dec17 - 31 days
Jan 18 - 31 days
Feb 18 - 28 days
Mar 18 - 31 days(In some cases, overpayments can be used to reduce the term of the mortgage, in which case the interest charged is constant)
[Edit] late to the party
NotThamesWater-
Re: term length. While a shorter term will be the likely outcome when this 5yr runs out, my main goal is suppressing the pessimism that I am not always going to be earning this much. Halifax allows payment holidays if you have overpaid and if in 4.5 years I am earning less, I could probably have afforded us lower monthly repayments for the same remaining term. Plus, there may be a mini stevo around to look after if all goes to plan.
Note: I am also saving separately.
stevo_com
I'm probably missing something simple so please feel free to hurl abuse.
I am on a 5yr fixed mortgage. Monthly payments from me to Halifax are all the same. I am overpaying by £500 a month currently.
Therefore, seeing as the interest rate is fixed and I am overpaying, I would expect the actual value of interest charged each month in pounds and pence to go down seeing as I am only eroding the outstanding loan. Especially since I am overpaying.
However, the past few months' interest charges since I started overpaying were as follows;
Nov 17 - £527.58
Dec17 - £542.44
Jan 18 - £540.37
Feb 18 - £485.64
Mar 18 - £535.93
What am I missing? I naively assumed these values would only go down seeing as interest rate is fixed and payments outweigh the amount of interest.