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Interest calculatons monthly Help please

pcoulter
pcoulter Posts: 8 Forumite
in Mortgages & endowments
Hi

I was looking for some help please. My lender calculates my interest on my mortgage monthly. I am remortgaging and want to know the best date to swop over?

Can anyone guide me please?

Thanks Paul

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    what do you mean your lender calculates your interest monthly?
  • pcoulter
    pcoulter Posts: 8 Forumite
    Some lenders calculate the interest on your mortgage daily so this os ok but some do it monthly or annually. If this is the case it can be an issue when paying it all back or making overpayments
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    unless you know exactly how your lender works out the interest normally i.e. monthly in advance ... which day

    and you know what they do when you 'close' or 'remortgage' (it may not be the same as the 'normal' method then its impossible to say.

    and in any event it wouldn't make a lot of difference.
  • pcoulter
    pcoulter Posts: 8 Forumite
    thanks a lot for your help
This discussion has been closed.
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