Use rate divided by 365 or 365.25 to calculate daily mortgage interest rate?

[RichInSpirit]

Which is more correct when calculating daily mortgage interest rate?
Yearly interest rate over 365.25 or
yearly interest rate over 365.

Thanks in advance!

 

[ClubMan]

Depends on how the lender calculates things.
I've seen 366 day years used too.
Schedule 3 here may be relevant:

S.I. No. 142/2016 - European Union (Consumer Mortgage Credit Agreements) Regulations 2016.

The electronic Irish Statute Book (eISB) comprises the Acts of the Oireachtas (Parliament), Statutory Instruments, Legislation Directory, Constitution and a limited number of pre-1922 Acts.

www.irishstatutebook.ie

 

[RichInSpirit]

Thanks Clubman!
That website says 365 days so I will use that. Just cobbling together a spreadsheet to try and keep track of my tracker mortgage.
I don't have the ability to view it online and I make payments at various random times during the month so I am not always sure how it is looking until I get the statements.