We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage - paying additional amounts
Jumptoit_2
Posts: 6 Forumite
We are saving additional funds for our mortgage to assist with endowments that may fall short when our term ends.
We have a lump sum to pay off and someone said if we pay it before December it is better as they take this off before adding interest.
Can anyone advise on this....
We have a lump sum to pay off and someone said if we pay it before December it is better as they take this off before adding interest.
Can anyone advise on this....
0
Comments
-
You need to check your T&C to see if the interest rate is calculated daily, monthly or yearly. If yearly then yes pay in before December.0
-
Hello Sarkin
Thank you very much for the info, I will check our T&C's double check. Better get a move on as we are nearly at December!
Thanks very much0 -
Hello Sarkin
We paid our additional funds in November and you were right. We save the interest on the additional amount we have paid. We are already stashing for next years lump sum too
Very grateful0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards