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KASH_2
Posts: 5 Forumite
Hiya, Does Anyone Know When Is The Best Month To Pay A Small Extra Annual Lump Summ Off Of A Mortgage,? I Have Heard That Depending On The Month That It Is Payed It Effects Tax And Interest Rates For The Coming Year Just Dont Know Which Month It Is. Many Thanks For Any Help Or Advice
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Is it a residential mortgage i.e. your own?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yes My Own0
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Do you know if your current deal is daily, monthly or annual interest?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Hiya Its A Repayment Mortgage Monthly Interest0
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Hiya Its A Repayment Mortgage Monthly Interest
With a monthly interest mortgage, you will benefit from any overpayment the following month after you have made it.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Thankyou For Your Advice Its Just I Wanted To Know As I Was Going To Save Extra Up To The Limit Im Allowed Without Getting Stung For It Throughout The Year And Pay The Lump Sum Off I Think Its Before April Not Sure, So By Paying Extra Monthly Instead Of Yearly Id Be A Little Better Off Than If I Payed It At The End Of The Year Is That Right?0
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It's very very difficult to read your posts due to Capital Letters At The Start Of Every Word0
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Thankyou for pointing that out, it is very early morning lol0
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You need to look at your key facts document to see how much you can pay off, when and how
Most lenders allow 10% of the balance as at 1st Jan, but some have limits of £500 A month, some have no limits at all and some don't allow overpaymetns
Ring up your lender and speak to them (note the date time and person you speak to) get them to tell you the best time to do it when they check your account
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
MortgageMamma wrote: »Ring up your lender and speak to them (note the date time and person you speak to) get them to tell you the best time to do it when they check your account
MM
For certainty this is the best method.
Andy.0
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