Help with Mortgage Overpayment Timing

Met77

Hi I have a Halifax mortgage and the interest added to my balance on the 28th of each month as shown on my online account.

I intend to make monthly over payments and I have just made my initial payment on the 24th... Is this the best time to do so?

Steven

Iris_Blue

If your interest is calculated daily then the earlier the better but I cant really see it making that much of a difference anyway. It depends on how much your paying. Perhaps someone else can answer better.

Just a though...with your doing it so close to the 28th , make sure that it gets to the account on time as obviously its weekend now so will it still get there? I can pay to my h/f mortgage account via a faster payment with the A&L but if I date it to come out the following day its takes a lot longer to go over to the mortgage account.

doctor-dee

Met77 wrote: »

Hi I have a Halifax mortgage and the interest added to my balance on the 28th of each month as shown on my online account.

I intend to make monthly over payments and I have just made my initial payment on the 24th... Is this the best time to do so?

Steven

(most) Halifax mortgages are daily interest so would make no difference. If you have a halifax current account you can set up a standing order to your mortgage account for any day you wish and it's immediate internal transfer. Also, if you're on 2 different products make sure the overpayments are directed to the product with the highest interest.