Moving a payment date

Fitty

I usually pay my mortgage on the 14th of every month but since i started a new job i need to move my payment date to the 20th of each month and the lender (GE Money) wants to charge me £59.00 interest to do so. My Mortgate is £426 a month and I think this is pretty steep.
Can someone advise me please?

Teterow

Hi there,

I had to change my mortgage date recently and phone up my lender. They were very helpful and said there will be no cost attached as long as the mortgage is being paid in the same month.

I am with Giraffe (Bristol&West)

getmore4less

Fitty wrote: »

I usually pay my mortgage on the 14th of every month but since i started a new job i need to move my payment date to the 20th of each month and the lender (GE Money) wants to charge me £59.00 interest to do so. My Mortgate is £426 a month and I think this is pretty steep.
Can someone advise me please?

If the lender adds interest on the same date as you make payments(not all do) then there will be 6 days extra interest(approx 1/5 of a month) if you move the payment. 1/5 of £426 is £85 but some of that £426 is capital if on a repayment, so £59 looks OK.

blued

It sounds fine, they arent actually charging you anything extra as such. If you brought the payment forward it would be less and then go back to normal the following month.