Weekly or Biweekly mortgage?

I just talked to Halifax and they dont accept fortnightly or weekly repayments. It will be only monthly payments as per the agreement and they are not going to negotiate any changes.
 
Just rang them, you can pay daily, weekly, hourly if you wanted to but the guy on the phone said it wouldn't make a difference as they only apply the interest to the mortgage once a month. Does that make sense?
 
PaddyW said:
Just rang them, you can pay daily, weekly, hourly if you wanted to but the guy on the phone said it wouldn't make a difference as they only apply the interest to the mortgage once a month. Does that make sense?
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Calculating the interest and applying it to the account are two different things, I think.
BOI told me that they calculate interest daily, but apply it monthly, so repaying weekly would save interest.
 
FYI for anyone with NIB. NIB handle fortnightly payments for me also, however the monthly amount had to be set up manually by my account manager.

The only problem with them is that their systems can't really handle the rate changes for those who pay fortnightly.

My Example :
I am on a Tracker (ECB + 0.59) and agreed to pay fortnightly about 1 year ago - this fortnightly payment amount was entered in by my Account Manager. Since the rate cuts over the past months, I receive letters each time indicating that the rate has been cut, however my fortnightly payment quoted on the letter has remained exactly the same. The system obviously isn't overiding the manually entered payment amount.

I have continued to pay the inflated amount -as I am OK about overpaying for now. I rather that than phoning her up each time to get my payment amount manually modified each time there is a rate change.
 
I sent BOI a letter last week asking to repay on a weekly basis and they've just written back to me confirming that weekly repayments will begin next month.
 
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