We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

will default on mortgage this month , what will happen

redballoon_2
redballoon_2 Posts: 1,555 Forumite
1,000 Posts Combo Breaker
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

Comments

  • yelf
    yelf Posts: 865 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    edited 14 January 2011 at 10:50PM
    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
    1,000 Posts Combo Breaker
    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
    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
    1,000 Posts Combo Breaker
    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
    Part of the Furniture 1,000 Posts Combo Breaker
    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
    not sure about HSBC, gvie them a wee call explain situation and they might be able to advise, good luck
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.2K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.3K Spending & Discounts
  • 247.2K Work, Benefits & Business
  • 603.8K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture