Paying with a higher frequency will save you money in the life of the mortgage, something the bank know and never advertise. I pay somewhere between 2 and 3 weeks. Set yourself up online with you bank to make a payment to the mortgage account whenever you want.
Thanks so for argument sake if your mortgage was 960 a month and you paid 500 every 2 weeks that would chip in to the principle quicker.
Can you just clarify your point there for me twofor1 on your first bit saying if you pay fortnightly it will make no difference in the long run and then your other fortnightly calculation.
Sorry for so many questions just want to br clear on it
If this is how your bank deal with extra or weekly payments and your mortgage agreement doesn’t say any different, then I don’t think there is much you can do. They are facilitating you.Wrote the letter telling them my wishes to have a weekly direct debit taken out of my account to pay directly into the mortgage. They are complying with that, but when the payment goes out it sits in the prepayments section on the open 24 website and builds up each week and at the normal monthly call date it is taken for the mortgage.
Contacted them and told them I wanted it to go in weekly and not monthly but they said I cannot do that, they are starting to wreck my head now.
Any advice ?