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Weekly vs Monthly Mortgage Payments
MoonBrain01
Posts: 9 Forumite
Hello,
My mother has a Halifax interest-only retirement mortgage. While reviewing it with her, I noted that the interest is calculated daily.
I was wondering if there would be any benefit if she changed her standing order to make weekly payments, the shortest payment frequency permitted, which would equal her current monthly payment. I have searched for an online calculator to make a comparison weekly and monthly payment but I could not find anything appropriate - everything is based on a monthly payment.
Many thanks,
MoonBrain
My mother has a Halifax interest-only retirement mortgage. While reviewing it with her, I noted that the interest is calculated daily.
I was wondering if there would be any benefit if she changed her standing order to make weekly payments, the shortest payment frequency permitted, which would equal her current monthly payment. I have searched for an online calculator to make a comparison weekly and monthly payment but I could not find anything appropriate - everything is based on a monthly payment.
Many thanks,
MoonBrain
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Sorry! I just realised I posted this in the wrong forum!0
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