HELP! What is the definition of a defaulted mortgage payment?

Treacle_Tart

Hi,

Sorry if this is really obvious, I have tried to Google it and search this site for it before posting here.
What is the definition of a defaulted mortgage payment? I am going to be 1 day late in paying my mortgage basically because I need to pay in some money to my mortgage account today but the stupid bank was closed.
The payment is due to come out tomorrow but obviously they won't be open then either, so the soonest I can pay the money in is on Saturday.

Would this count as a defaulted mortgage payment, or do they give you a grace period to take into account direct debits etc clearing?

I am hoping that they just let me go overdrawn and pay it, and then just charge me a fee, but I am really worried that I will have a default against me now.

Can anyone help?

Thanks.

peachyprice

You should only get a default if you haven't paid by the end of the month (Jan 09). If you're just a day or 2 late nothing bad will happen.

A default means when you haven't paid on time, they've told you you're late, you still don't pay, then they send an official default notice.

Treacle_Tart

peachyprice wrote: »

You should only get a default if you haven't paid by the end of the month (Jan 09). If you're just a day or 2 late nothing bad will happen.

Oh thanks! That has put my mind at rest a bit! :-)