Paying mortgage fortnightly rather than monthly

bo_rai_cho

Does anyone here have a mortgage or know if UK mortgage providers allow splitting their payment into 2 every fortnight, rather than once a month?
This reduces interest over a large mortgage payment if interest is calculated daily.
Just wondering if anyone has tried it, seems popular in the US. But not seen anything here or any providers website that gives details.

bradders1983

You can pay a mortgage however you want as long as they get all the money within a month. 

So if your monthly payment is £280pm there is absolutely nothing stopping you paying a tenner a day (obviously most months this would result in extra)

Is there nothing stopping you just halving the monthly payment and paying that amount by standing order every 2 weeks? Yes this would mean a couple of months they get 3 payments, or you could treat those two fortnights as a "payment holiday".

Thrugelmir

If you pay your mortgage by standing order. Then you can effectively pay it whenever you like. Just ensure it's ahead of the schedule that lender expects. Also that the minimum is paid every calender month. 

daivid

Unless you are paid weekly or fortnightly what is the benefit? Surely if you want to be most efficient paying monthly on your pay day will be best, that way there would be no lag from when you can pay to when you do (bar the times you are paid early because of weekends & bank holidays).