Pay Mortgage Weekly

N

nonamegame

Registered User
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Hi, anyone have any insight about paying a mortgage weekly? it can be done obviously but then you miss the monthly DD - though technically the mortgage is up to date once there are no arrears ( if that makes sense )
 
I've been doing this for years with PTSB. What I was told by PTSB is that it sort of goes to a "holding" area in your account and then the monthly mortgage is drawn out of there but as interest is calculated daily, it does reduce your balance for the purposes of the interest calculation.
 
I also pay my mortgage weekly with PTSB. and have done since the loan was drawn down. I instructed them to cancel the s/o and I manaually transfer amounts every week. As stated above, any over payments are credited to your account and this offsets interest.

There was another post here recently about weekly / fortnighly / monthly mortgage repayments. I always advise people to pay weekly if they can.

Say your mortgage is €1,000p/m... 12 monthly payments @ €1,000 = €12,000 yearly payment.

If you can afford to pay €250 every week you'll be better off in the long run.

€250 x 52 = €13,000... so you're making an extra months payment every year.

Over time, depending on the loan amount / term, the savings can be significant.

By donig the above in conjunction with small daily overpayments, (I round purchases up and transfer them against the mortgage) I will clear my mortgage this December, approx 7 years ahead of schedule.

I also had a mortgage with Bo and I also paid weekly with them,.
 
AIB generally cater for fortnightly or monthly payments, as in they can set a fortnightly DD. I don't know if they can support weekly payments without you managing it, but give them a call when your mortgage switches.
 
Defacto said:
I always advise people to pay weekly if they can.

Say your mortgage is €1,000p/m... 12 monthly payments @ €1,000 = €12,000 yearly payment.

If you can afford to pay €250 every week you'll be better off in the long run.
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The benefit is from overpaying, not from paying weekly.
 
RedOnion said:
AIB generally cater for fortnightly or monthly payments, as in they can set a fortnightly DD. I don't know if they can support weekly payments without you managing it, but give them a call when your mortgage switches.
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Thank you
 
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