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What's the best day of the month to make mortgage overpayments?
bhz-2
Posts: 216 Forumite
What's the best day to make mortgage overpayments in this case:
- I make my normal mortgage payment (not the overpayment) on the 1st of each month.
- The interest is calculated daily.
- There's no limit to overpayments (mine are usually a few hundred pounds each time).
- I make my normal mortgage payment (not the overpayment) on the 1st of each month.
- The interest is calculated daily.
- There's no limit to overpayments (mine are usually a few hundred pounds each time).
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Comments
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What's the best day to make mortgage overpayments in this case:
- I make my normal mortgage payment (not the overpayment) on the 1st of each month.
- The interest is calculated daily.
- There's no limit to overpayments (mine are usually a few hundred pounds each time).
Although interest is calculated daily is it charged monthly? So the earlier the better. Interest compounds on a monthly basis.
Make overpayments as frequently as you can. As you say interest is calculated daily. If allowable set up a standing order for the overpayments. This way you have control.0 -
The best time to pay is just after pay day.0
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