Paying mortgage weekly?

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eimear1

Guest
Hi all,
Just wondering if this is true, have heard from 2 different people but not sure if it actually works, and whether it is particular to their circumstances.
To be honest, don't want to go ringing bank and getting laughed at if its a load of codswallop!!!
Basically i have been told that paying the mortgage weekly saves on interest, theory being that the interest is added daily/weekly and therefore the interest racked up by the end of the month includes interest being added to the interest from earlier in the month - am i making sense??
SO these people say to pay mortgage weekly to avoid some of this interest and save yourself a few quid. Am not really financially savvy so wondering if this is true, and how much difference this would make to outgoings? (Personally have €210k tracker ECB+.75, year 3 of 35)
It would be no hassle to me to organise this so would it be worth doing?
Hope someone can help,
Thanks for reading
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Depends how and when the bank calculates interest. some will calculate it on the outstanding amount daily while others will calculate it weekly,montly or even yearly. you will need to speak with your mortgage provider and find out how they calculte the interest.

It will also depend if you have a variable or fixed mortgage.( you have tracker variable so should not be an issue for you)

You will also need to get agreement from your bank that it's ok to do this.
 
Thanks for that Niallers, will get on to them soon
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