Sorting out mortgage and bill payments

kirsty1982_2

I have recently purchased a house with my partner. I am wondering how i would go about a little problem i need some advice on.
I get paid monthly, on the 25th of each month.
My partner on the other hand may be paid at different dates of each month, For eg, This month he was due to get his chq on the 8th Nov, but due to a company prob, he still has not recieved the chq.
I am wanting to know what the best way for him to pay bk the mortgage every month, and around what date do u think we should make sure all the money is in the acc by?
I am getting a bit stressed as i dont want there 2 b probs paying bills if he has not been paid in time.

hopefulfooluk

Hi Kirsty,

I am self employed and my mortgage lender has agreed to let me pay by debit card each month instead of DD. Technically my payment is due on its due date but I have a ten day grace period each side of the date to make my payment without penalty or them reporting to credit agencies so if someone is late paying, I have less chance of running into problems.

So speak to your lender to see if they mind you paying by debit card as your OH is self employed. If your OH is not self employed, then I'd suggest he wants to find a different employer that pays him properly rather than a cheque at uncertain times of the month. You can't live like that as an employee!

Cheers

Chris

parallax_20

Call up your mortgage lender and arrange payment to be taken at the end of each month or there abouts. This will depend on what their billing system allows them to do.

I don't have a joint mortgage so don't know what arrangements are in place for that type of mortgage, but if I were in your situation I would setup a joint account from which the mortgage payments are deducted and pay into it each month to ensure there are enough funds available. So if one of you is paid late, then the other will have to cover the shortfall to meet the rest.

By all means keep separate current accounts, but any shared outgoings should be put into a joint account for easy management and monitoring your finances. Also it helps to protect your own money if things go sour. Not to say you shouldn't trust him, but the last thing you want is to have a joint account with one person putting money in whilst the other is just spending it.

Good luck.

kirsty1982_2

Thank u 4 the advice. I have hear that bills come out on either 1st or 15th of the month. is this right? In this case we will have 2 put money in after each of us get pd,and pay bills at that time, and then mortgage when my partner gets his chq!!!!

Fire_Fox

The obvious answer is you really should not be relying on both salaries to come in before you can meet your essential commitments, cut back hard on every ongoing for a few months until you have a buffer of savings behind you. Alliance and Leicester do a current account with 6% interest so this can be used to store your joint savings as well as to pay DDs.

kirsty1982_2

Not everything is so straight forward and planned!!
Any HELPFULL comments greatly appreciated!:)

wishiwasarichgirl

I thought FireFox's replay was pretty helpful, it is very good advice to have some money in reserve in your account, to cover such an eventuality as you are describing?

If there is no particular date on which your OH gets paid then you will either need money in reserve or an overdraft, I wouldn't rely on paying by CC as what if the payment date come & goes & he still hasn't had his paycheck? unless you are very organised with your payment it could get forgotten. set up the DD for the latest date in the month you can and start buiding up a cash reserve ASAP.

Fire_Fox

kirsty1982 wrote: »

Not everything is so straight forward and planned!!
Any HELPFULL comments greatly appreciated!:)

If you read the Debt-free Wannabe board regularly, you would think my reply was helpful. Pople fall accidentally pregnant, become unwell and unable to work, get made redundant every week - the government will not pay your mortgage if the worst happens (I genuinely hope it never does).

Milliewilly

Firefox is right - you really shouldn't be sailing so close to the wind that as a self employed person if a customer is late paying you can't meet your mortgage on time. What if the customer goes bust or disputes and doen't pay for months? Does your salary not cover the mortgage and your partners can pay the other bills / food for the month he may not be able to meet the date?

blckbrd

Bit harsh OP. Responses may be unpalatable but that doesn't make them unhelpful.

As well as eing the Queen of Magnolia, I'm also the Queen of Should Have Dealt With That Sooner! I'm beginning to want FireFox to adopt me as the information/advice given always seems wise and practical.

DVardysShadow

kirsty1982 wrote: »

Not everything is so straight forward and planned!!
Any HELPFULL comments greatly appreciated!:)

Your problem is that you are living hand-to-mouth with irregular income. You cannot resolve that by fiddling around with payment dates. Firefox's advice is good - and helpful.