any best time to pay off repayment mortgage

surfsister

Hi guys I have a repayment mortgage with nationwide and am thinking off paying it off. Question is, is there a good time of year to pay it off, or is now ok?

The mortgage is usually reviewde once ayear when payments go up or down. In january.

Also Nationwide advised me to keep a pound owing so they keep the deeds and I can have another mortgage if needed.

Anyone know?

supersunshine

Not sure, I would think the quicker the better as that way you pay less interest (if you are paying interest that is calculated daily).

surfsister

thanks think i read somewhere it's best to pay off at end of tax year as societies only credit it to your account at end of year, not sure though!

opinions4u

Check the small print of your agreement.

If it tells you that you're paying daily interest (which I believe applies to nearly all Nationwide mortgages) it makes no difference.

If it's annual interest you need to identify the lender's accounting year end attitude to recalculating your payments at the time of the repayment.

brit1234

Pay as much as you are allowed now, there is no better time. Its a goldern opportunity, you will save a fortune.

surfsister

thanks all yes think i will just pay it now!!