Day of mortgage payment

I pay my mortgage manually (variable/ tracker) around the 7th of the month as this is when it comes due according to when I look at my mortgage account on the EBS online banking - is there any benefit financially to me in doing this or is it cost neutral to leave paying it to the end of the month? If it's cost neutral then I may leave them waiting for a few weeks extra per month.

If you pay it after the due day, your account will be marked in arrears. That is the most significant issue.

Also, you are charged interest each day on the balance.

So if your repayment is €1,000 on a mortgage at 3%, delaying it costs you about 10 cents a day

Brendan

Maybe instead of holding it back to the end of the month, bring it forward to the end of the previous month. It will mean 1 month with two payments but thereafter you would always be ahead of your due date but paying at the end of the month. So it would look something like this

May: 7th
June: 7th, 30th (for the 7th July payment)
July: 31th (for the 7th August payment)
August: 31th (for the 7th September payment)
September: 30th (for the 7th October payment)