when is santander mortgage interest calculated?

user1168934

FTB. I have recently taken a mortgage with Santander, 5 year fixed, product number K930H which is not available online anymore.

I was reading up online about making overpayments and it mentioned that I need to know how the mortgage interest is calculated (monthly, annually etc) and on what date exactly it is calculated so that the overpayments are made before this date in order for the overpayments to be considered in the calculations.

Where do I find this information (the product is not available online anymore). I have looked twice in all the documents I received with my offer and it is not there - There is no booklet for terms and conditions in my pack.

Please help.

Wirenth

Ring Santander on 0800 032 0617. This is the number I use to keep track of what my overpayments are doing to my mortgage balance.

Thrugelmir

Make overpayments as soon as you able. Vast majority of mortgages have interest calculated on a daily basis and charged monthly. So everyday counts in reducing the interest you pay.

Wirenth

I have to be careful with timing over payments with Santander. The first 14 days after my direct debit are fine. The second 14 or so days will mean that next month's direct debit gets skipped and the overpayment put towards it. Daft system.