Do all mortgage run jan-dec or run like a tax year?

mumofjusttwo

Hi.

I wonder if some one could answer a question please.

Could some one please please tell if mortgages run from Jan-Dec or do they run Apr-APr or does it depend on when mortgage commenced?

Thank you so much.

silvercar

I think they run until the 25 years is up.

We started our mortgage in a Summer but get annual mortgage statements Jan-Dec.

mumofjusttwo

I only wondered with regard to any overpayments that are made?

Trying_to_be_good

Totally depends on which lender you're with.

How and when the overpayment is applied to teh accounts depends on whether interest is calculated daily, monthly or annually.

I'm with the Woolwich (as they used to say), and their mortgage year runs to 30 Sep, when they do the annual 'monthly payment' review to decide the minimum monthly repayment for the next year. But they calculate interest daily, so overpayments are applied straight away to my account.

Hope at least some of this makes sense...

koexelek

mumofjusttwo wrote: »

I only wondered with regard to any overpayments that are made?

If you are talking the amount you are overpay per calendar year on some deals ( EG 10%) it is usually the anniversery of the date the mortgage started