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  • FIRST POST
    • RedfordML
    • By RedfordML 7th Oct 17, 5:10 PM
    • 696Posts
    • 378Thanks
    RedfordML
    Repaying my mortgage weekly, the benefits?
    • #1
    • 7th Oct 17, 5:10 PM
    Repaying my mortgage weekly, the benefits? 7th Oct 17 at 5:10 PM
    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
Page 1
    • getmore4less
    • By getmore4less 7th Oct 17, 6:02 PM
    • 30,000 Posts
    • 17,929 Thanks
    getmore4less
    • #2
    • 7th Oct 17, 6:02 PM
    • #2
    • 7th Oct 17, 6:02 PM
    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
    • By Nebulous2 7th Oct 17, 6:18 PM
    • 1,594 Posts
    • 970 Thanks
    Nebulous2
    • #3
    • 7th Oct 17, 6:18 PM
    • #3
    • 7th Oct 17, 6:18 PM
    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
    • By Sooler 8th Oct 17, 11:08 AM
    • 2,877 Posts
    • 2,085 Thanks
    Sooler
    • #4
    • 8th Oct 17, 11:08 AM
    • #4
    • 8th Oct 17, 11:08 AM
    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/
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