Daily interest rate mortgage

bebox

Hi there. I have an offset mortage for the past 3 months. it's daily interest. my repayments are paid in te middle of the month. i was wondering because it's daily interest would i benefit if i changed my repayments to a different time of the month i.e at the beginning, end? or does it make no difference? thanks:money:

somethingcorporate

Yes, it would make a difference if you can bring it forward to the beginning of the month as your average balance would be lower.

Not much difference but over the long term every little helps with a mortgage.

getmore4less

As long as the money is allready in the offset account it makes no difference.


The earliest you can pay is when you get paid, get paid into the offset account, job done.

Meeper

Bearing in mind that if you move your payment to the end of the month, your next payment will be 50% higher than normal to cover the six-week period since your last payment, then they will revert to normal.