Best Day of Month for Mortgage Payment ?

coupleuk

Hi

Forgive me if this is rather silly, but

Is there a BEST day of the month for a Direct Debit to be taken for mortgage payments ?

Would a monthly interest account add the interest on the anniversary of the mortgage starting or the last day of each month ?

If you then paid 3 days after that date, would you always be paying an extra 3 days interest ?

Im starting a new mortgage and have been asked to select a DD date - obviously I dont want to be paying even small amounts of extra interest as they are likely to add up over 25yrs.

Just curious.

Thanks

GameOver_2

The 1st of each months, as theres always a 1st........

KTF

Mine goes out a day or 2 after the salary hits the bank (along with the other DDs) so I then know how much I have left to play with for the rest of the month.

mne2

KTF wrote:

Mine goes out a day or 2 after the salary hits the bank (along with the other DDs) so I then know how much I have left to play with for the rest of the month.

Same here - always try to get DD's to come out soon after the 21st (Pay Day)

Murtle

Mine goes out at the start of the month too....that way I can't spend it!!! but of course I wouldn't do that now would I