What would you do with ones years income?

[David71]

fingers crossed for both of you!

Thanks....appreciate it.

Can't talk about it on Facebook as I don't want to upset the elderly parents and LinkedIn isn't the place either....

.....so you bunch of mercenary, day rate obsessed contractors are going to have to put up with me 'sharing' for a while

[TheMortgageSquad]

Overpayment of a mortgage may not reduce interest. What often happens is that overpayments are kept in a non-interest holding account. BTW, on most mortgages, the day of the month for payment also makes no difference to interest so therefore it is always best to pay on the last day of the month. Read the small print.

It's only a few lenders whom work in this way, the majority of lenders nowadays actually apply the overpayments straight to the principle sum thus reducing the interest you pay straight away. Also the point about making the mortgage payment at the end of the month only applies if your mortgage interest is calculated on a monthly or annual basis which a lot of older mortgages were. However, with the vast majority of mortgages nowadays, interest is calculated on a daily basis so as soon as you make that monthly payment, interest is then recalculated on the lower balance the next day meaning it benefits you more to make the payment earlier in the month. Always ask your lender how frequently interest is calculated so you know which applies to your mortgage.

Another point to consider with paying the mortgage at the start of the month versus paying at the end of month is that should anything go wrong with your Direct Debit at the beginning of the month, you effectively have the remainder of that month to fix the issue and get the payment made so as it doesn't register as a late/missed payment on your credit file. If you opt to make the payment at the end of the end of the month and the payment doesn't go through, by the time you have fixed it, it would likely spill over into the next calendar month meaning you didn't make a payment in the month before and consequently would have a missed/late payment marker on your credit file.

[NotAllThere]

Thanks....appreciate it.

Can't talk about it on Facebook as I don't want to upset the elderly parents and LinkedIn isn't the place either....

.....so you bunch of mercenary, day rate obsessed contractors are going to have to put up with me 'sharing' for a while

I think we can handle it.

[ladymuck]

Thanks....appreciate it.

Can't talk about it on Facebook as I don't want to upset the elderly parents and LinkedIn isn't the place either....

.....so you bunch of mercenary, day rate obsessed contractors are going to have to put up with me 'sharing' for a while

No problem! Lost It has their own thread about their challenges. rants about the system and other stuff. You might find doing something similar quite cathartic