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Making an overpayment on a flexible mortgage

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Thrifty_2
Thrifty_2 Posts: 111 Forumite
in Mortgages & endowments
I have a Barclays / woolwich openplan offset mortgage which allows me to make overpayments, i currently pay the required amount on 16th of each month, what i need to know is, is there a correct time in the month to make an overpayment ie:a day before or a day after my regular repayment date, (basically do i benefit in any way paying before or after my regular repayment date).
Thanks in advance, any help much appreciated.
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Comments

  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hi There

    The interest is calculated daily on this so you benefit as soon as you make the overpayment. Therefore there is no good or bad time,
    MM
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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