mortgage payments..

TeetersOnHeels

Am in the process of moving all my direct debits to my new bank account which has no overdraft. My mortgage usually comes out on the 28th of the month. I get paid on the last working day of the month , which has been OK when I 've had an overdraft, but now will be a bit awkward. Would asking for my payment to be moved a couple of days after to the 1st of the month effectively mean I'm a month in arrears with my mortgage?

headstuckinsand

Hi teeters,

I had the same problem with my mortgage where my payment went out on the 28th. I would suggest speaking to your mortgage company about it. Depending on how much equity you have they may allow you a 1 month payment holiday which would mean you could miss the payment on the 28th and then change your DD to pay them at the beginning of the following month.

I personally couldn't do this as I was in negative equity so I had to make 2 payments i.e. on the 28th and then also on the 2nd.

Hope this helps.