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Intrest yearly or daily?
lily288
Posts: 35 Forumite
Hi MFW,
I wondered if you could help I want to start making overpayments and my mortgage with C&G intrest is paid yearly.
It says on my statement that any overpayments that I would make will come straight off the mortgage balance but the intrest wont change. I presume intrest will be charged as of previous balance before overpayment.
I phoned them up to ask if I could go on a daily intrest and they said that I can so my question being?
Will this make a difference to the intrest paid or would it add up the same in the end?
I thought if it was daily then that would give me more motivation to see the intrest going down ( if that is right)
Thanks
I wondered if you could help I want to start making overpayments and my mortgage with C&G intrest is paid yearly.
It says on my statement that any overpayments that I would make will come straight off the mortgage balance but the intrest wont change. I presume intrest will be charged as of previous balance before overpayment.
I phoned them up to ask if I could go on a daily intrest and they said that I can so my question being?
Will this make a difference to the intrest paid or would it add up the same in the end?
I thought if it was daily then that would give me more motivation to see the intrest going down ( if that is right)
Thanks
0
Comments
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Sorry could someone move this to mortgage free wanabee posted in the wrong forum 0
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