Is it cheaper to pay a mortgage weekly as opposed to Monthly

Hi,

Could anyone tell if it is cheaper to pay a mortgage weekly as opposed to monthly and also do you know if BOI offer this facility?

No, it's more expensive but you will pay the mortgage off quicker.

Say you are paying €400 per month at the moment.
€400 x 12 = €4800

If you change to weekly, you will pay €100 per week.
€100 x 52 = €5200

Therefore you will pay an extra €400 off the capital each year.

I think you can pay every two weeks with BOI.

If they do not allow you to pay weekly you can overpay your mortgage instead each month.

Using the above example. €5200 / 12 = €433 per month.

Overpaying by €33 per month will have the same effect as paying weekly.

As ever - there will be no benefit in paying more frequently than monthly if your lender still persists in calculating interest monthly rather than daily. I don't know if any lenders still do this though. I presume that most or calculate interest daily these days? Some lenders may also allow you to make sporadic unscheduled lodgements to the mortgage account thereby allowing you to accelerate repayment at your own leisure but if you do this then make sure to clarify with them (in writing ideally) that any unscheduled repayments will be set against capital immediately and not held in abeyance in the account or whatever.