Repaying my mortgage weekly, the benefits?

RedfordML · 7 October 2017 at 5:10PM

It's been suggested to me you save a little on the interest you pay if you repay weekly?

I've always replayed monthly, anyone repay weekly and see decent £££ benefit?

Thanks

getmore4less · 7 October 2017 at 6:02PM

if you get paid weekly you can save a tiny a mount by paying some a bit earlier.

Make your payments as soon as you can.

Nebulous2 · 7 October 2017 at 6:18PM

Dont overcomplicate your life for a few pence.

A long time ago I had a mortgage payment towards the end of the month, with very little time from payday until it was due. We had a constant nagging anxiety about pay dates and usually drew cash from an ATM and paid it into the building society to make sure it was there in time. As soon as I managed to get a few hundred pounds together I made an extra month's payment and moved my date to the beginning of the month. I'm sure it made a modest difference in interest paid over the course of the mortgage but it also removed an anxiety and trip to the bank which I didn't need.

Sooler · 8 October 2017 at 11:08AM

Depends if your interest is charged daily or annually.

This page from Leeds BS has the info for example
http://www.leedsbuildingsociety.co.uk/mortgages/mortgage-statement/your-mortgage/

Repaying my mortgage weekly, the benefits?

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