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Day interest is calculated.
Jet
Posts: 1,650 Forumite
Hi there,
If my mortgage interest is calculated on the last day of the month, when is the best time to make an overpayment or does it make no difference?
If my mortgage interest is calculated on the last day of the month, when is the best time to make an overpayment or does it make no difference?
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Comments
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I'd pay it in a couple of days before the interest is calculated so that it has chance to credit, as long as it is sat in a high interest saving account before transfer it will help you accumulate a little more interest for your pocket not the banks.0
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Hi there,
If my mortgage interest is calculated on the last day of the month, when is the best time to make an overpayment or does it make no difference?
Check that the interest is actualy calculated on that day for the following month.
Many like Barclays/woolwich will calcualte the interest daily but only apply it once a month.
In this case pay the money as soon as you can to reduce the interest paid.0
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