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When to pay mortgage?
Distiller
Posts: 7 Forumite
Hey.
Bit of a random one. My husband has switched jobs and is going from a Monthly to a Weekly wage. Initially we were going to save a portion of his weekly wage in a savings account and transfer back on last day of month ready for the Mortgage direct debit on 1st. I am starting to wonder if it may be easier/more benifical to us to pay the weekly portion of mortgage payment directly into the mortgage instead to reduce interest accrued? Our mortgage is with Halifax, I did call them earler but all the adviser could say was interest is applied to my mortgage on the first working day of month.
Anyone have any words of wisdom?
Currently Halifax 4.39% :eek: fix until End May 2018
Bit of a random one. My husband has switched jobs and is going from a Monthly to a Weekly wage. Initially we were going to save a portion of his weekly wage in a savings account and transfer back on last day of month ready for the Mortgage direct debit on 1st. I am starting to wonder if it may be easier/more benifical to us to pay the weekly portion of mortgage payment directly into the mortgage instead to reduce interest accrued? Our mortgage is with Halifax, I did call them earler but all the adviser could say was interest is applied to my mortgage on the first working day of month.
Anyone have any words of wisdom?
Currently Halifax 4.39% :eek: fix until End May 2018
0
Comments
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If the interest is applied daily then it makes sense to pay as soon as possible, as it will reduce your balance and hence the interest you pay each day after the payment.
However, if it's applied monthly then it's fine to make the payment once a month.0
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