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Is it better to my pay mortgage off weekly?

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Is it better to my pay mortgage off weekly?

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
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krissy08krissy08 Forumite
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edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
I have been reading about accelerated weekly payment and how it would reduce costs if I were to change to this as opposed to the regular monthly payments?

I would appreciate any advice please.

Regards


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  • grandma247grandma247 Forumite
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    I pay our mortgage weekly by standing order. I over pay a little, I have over paid by a lot in the past and it is amazing how much it reduces the interest since it is calculated on a daily basis.

    Dh gets paid weekly so this was the most sensible option for us. I also pay the council tax the same way. It means I do not need to worry about it or even think about it really. The money is gone before I see it so I don't miss it.

    There are lots of sites on the net explaining how it all works but you will need to ok it with your lender before you do it.
  • edited 26 June 2012 at 1:42PM
    GSXRCarlosGSXRCarlos Forumite
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    edited 26 June 2012 at 1:42PM
    grandma247 wrote: »
    Dh gets paid weekly so this was the most sensible option for us.

    in real terms i suppose if you get paid weekly pay it off weekly, but if you get paid monthly it'd very quickly get complicated to try and pay off weekly

    In an ideal world (assuming all your other money is in order) then you should pay off as much as possible in one go (up to any limits set by the mortgage company) so you get the full benefit from day 1
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