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best time time of month for mortgage payment

gavynn
gavynn Posts: 21 Forumite
Eighth Anniversary Combo Breaker First Post
in Mortgages & endowments
Possibly a daft question but whats the best time time of month for mortgage payments. Is there any advantage to having it early or late in the month?
Also, is it easy to change it once payments begin if you needed to?
gavynn
«1

Comments

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    if interest is calculated daily then as soon as you have the money.
  • HTB_newbie
    HTB_newbie Posts: 95 Forumite
    Tenth Anniversary 10 Posts Name Dropper Combo Breaker
    Hi gavynn

    It simply when it best suits you financially. I tend to like my mortgage payment like most my bills to be shortly after my pay day so that I known how much is left for the month for things once all bills and savings are done. It's personal choice.
  • ACG
    ACG Posts: 24,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I think what the above poster means is if interest is charged daily, then the first of the month.

    If its charged annually it wont make much difference.
    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.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    ACG wrote: »
    I think what the above poster means is if interest is charged daily, then the first of the month.

    If its charged annually it wont make much difference.
    Your thoughts are wrong

    i mean exactly what i said.
  • ACG
    ACG Posts: 24,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    fair enough.
    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.
  • ValHaller
    ValHaller Posts: 5,212 Forumite
    1,000 Posts Combo Breaker
    Before the earliest possible payday or after the latest possible payday - but not between those 2 dates of the month..

    Otherwise you risk paying twice between some consecutive paydays but not at all between others, which could make it difficult to stay on top of it all.
    You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'
  • choccyface2006
    choccyface2006 Posts: 2,304 Forumite
    I have just moved our mortgage payment from the 18th to the 1st of the month as that is when all our other bills go out. I have to pay two payments close together this month though, one on each of those dates but it was quite easy to change, just a quick phone call.

    Sarah
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    ACG wrote: »
    fair enough.
    as a mortgage advisor you should know that with daily interest the sooner you make a payment the sooner you reduce the interest paid.

    The earliest anyone can pay the money is the day they get it.

    with annual interest it is generally better to keep the money as long as possible except the day it is recalculated
  • ACG
    ACG Posts: 24,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I do understand that.

    They have asked what is the best day to pay it.
    The first of the month is the best day if daily interest.

    I see your point in what your saying but it will always be the first.
    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.
  • onlyroz
    onlyroz Posts: 17,661 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    ACG wrote: »
    The first of the month is the best day if daily interest.
    Doesn't this assume that you get paid on the 1st of the month?
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