will default on mortgage this month , what will happen

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redballoon_2
redballoon_2 Posts: 1,555 Forumite
Combo Breaker First Post
in Mortgages & endowments
My mortgage is due to go out tomorrow and i am overdrawn to the max :( what will happen? this has never happened before, first time in 5 years.
Make £10 a day challenge March 2013 £101.24 / £240 :j
WSC 10 March - £0 / £5
Debt £17,294 - 7th March

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  • yelf
    yelf Posts: 856 Forumite
    First Post First Anniversary Combo Breaker
    edited 14 January 2011 at 10:50PM
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    edit: MSE think helpful posts arent worthwhile if they are true yet not postitive - a true reflection on Martin Lewis and his ignorance on all things financial
  • redballoon_2
    redballoon_2 Posts: 1,555 Forumite
    Combo Breaker First Post
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    thanks, do you think i should ring them up and let them know? im £1000 overdrawn on a agreed overdraft. the bank im with is the same supplier for my mortgage.
    Make £10 a day challenge March 2013 £101.24 / £240 :j
    WSC 10 March - £0 / £5
    Debt £17,294 - 7th March
  • newyear2011
    newyear2011 Posts: 29 Forumite
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    who's ur mortgage lender? some lenders your mortgage is not classed as arrears until the 1st of the next month altho you would be charged a failed DDI
  • redballoon_2
    redballoon_2 Posts: 1,555 Forumite
    Combo Breaker First Post
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    im with hsbc. so if i was to pay before 1st i would cover the arrears?
    Make £10 a day challenge March 2013 £101.24 / £240 :j
    WSC 10 March - £0 / £5
    Debt £17,294 - 7th March
  • GMS
    GMS Posts: 5,388 Forumite
    First Post First Anniversary Combo Breaker
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    Some lenders will attempt to take the payment again in 10 days or so.

    First thing to do is let them know it will be missed.

    Only HSBC can tell you what will happen. Pick up the phone asap
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • newyear2011
    newyear2011 Posts: 29 Forumite
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    not sure about HSBC, gvie them a wee call explain situation and they might be able to advise, good luck
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