Late Paying Monthly Mortgage Payment

jojogunne

Hi,
Can anyone give me advise on this. I am quite often late paying my mortgage.
This generates a letter from the Building Society telling me i am in arrears & they charge me £35.00 for the privelage of recieving the letter & telling me something i already know. What i want to know is is this regarded the same as bank fees & can i reclaim theses costs for the passed 6 years or is it different to bank charges.
Any advise would be great.
Jogunne

mountainofdebt

Is there a reason for you paying the mortgage late (such as salary timing?)

If there is, then would it not be an idea to ask your mortgage provider to move your payment date - I don't know if there is a charge for this, apart from the fact that the first payment may be slightly higher due to the number of days interest being increased.

But to stick strictly to your question I think the answer is yes....

Rick62

Forget the cost of the fee, wait till you find you cant get a prime mortgage next time and have to pay an extra 1% or more because you are sub prime.

Everyone should always pay their mortgage, loans and credit cards on time, people don't realise how damaging it can be to be late with these payments.

jojogunne

rick 62
your response is silmilar to the building society...." i already know that".
Stupid me for being on a low & irregular income for not paying on time . Will the sun fall out of the sky if i dont pay on time. Will the entire economy come to a halt. Will the poor little building society be out in the cold. No they will be rubbing there hands in glee & saying lovely jubbly another £35.00 in our over flowing pockets, because they just love customers like me.
Rick you have given me your opinion....*i will treasure it always*
But where is the answer????? i just want an answer. Please

david29dpo

the above posts are correct. however, yes, you may be able to claim back unfairly high fees. it may not cost £35 to send a letter. that is the point of claiming them back. have you asked them?

Rick62

I would have thought there is a good chance you could claim back part of the £35, in the same way as bank charges.

I'm glad you already know that and treasure my opinion, and yes lenders do love customers like you, not so much the £35's you pay but they love sub prime becuase they make a much better margin on the higher rates they can charge. If you think it is a struggle now work out how much more of a struggle it would be if your rate was 1% higher?

Conrad

jojogunne wrote:

rick 62
your response is silmilar to the building society...." i already know that".
Stupid me for being on a low & irregular income for not paying on time . Will the sun fall out of the sky if i dont pay on time. Will the entire economy come to a halt. Will the poor little building society be out in the cold. No they will be rubbing there hands in glee & saying lovely jubbly another £35.00 in our over flowing pockets, because they just love customers like me.
Rick you have given me your opinion....*i will treasure it always*
But where is the answer????? i just want an answer. Please

Jo

Unfortunately you might not get these fee's back.

So that your in a position of knowledge here's how they will likely play it;

They will argue that you agreed to pay the mortgage 'on time and in full' when you applied. In return they gave you a rate of interest commensurate with the risk.

If now you pay late this has to be costed, as the investors into the lender require a return based on the higher risks.

raq

I agree our's is 1% higher due to the fact we had self cert, but at least we had £80k to put down. HOPEFULLY will be slightly better this september when we change over.

If not, I will be on this site asking for advice

mountainofdebt

oops too late there, Jo you didn't answer my question about the timing of getting paid.

It might be an idea (if you can't get them to move your payment date) to say your mortgage weekly.

Now you'll probably find that your mortgage co won't want you do that formally so you have to be abit underhand about it.

Abbey wouldn't let us pay weekly so what I did was to pay them 1/4 of our mortgage payments each week and then on the normal payment date Abbey would only collect by DD the difference of what we paid over the weeks since our last mortgage due date and the normal payment expected.

You do have to be careful though as you have to calculate how long a payment takes to be credited to your account and bear in mind the lead time for a dd.

Without knowing what the specific problem as to the pay date we can't help.

jojogunne

Thanks for your replies.
Unfortunately i am self employed and my earnings are erratic.
i have a second mortgage from a loan company which i pay by direct debit & have not missed any payments on this loan. But its always late for the building society as i struggle to pay both loans, just never enough money.i cant pay the original mortgae by direct debit because if i cant put enough money in the account then i will get bank charges on top.
i was forced to take out the second loan because a premises i rented had a flat roof which leaked continously. I left the premises because of the roof, i was taken to court & screwed by the landlords for repairs on the building which i had to pay. The roof leaked continously after these repairs were made & the building remains empty to this day.
Still the question i asked originally can i claim these charges back has only been answered with opinions. Its seems that no one knows the true answer. Surely there must be someone in a similar position to me or could i ask mr lewis himself.?

specs_3

Still the question i asked originally can i claim these charges back has only been answered with opinions. Its seems that no one knows the true answer. Surely there must be someone in a similar position to me or could i ask mr lewis himself.?

I think that what most people are trying to tell you is that you need to correct the problem that your erratic pay is causing before you pursue the charges applied to your account. The lender in question will take other measures if you get the charges back and continue to misuse the account.

I think that you should contact Mr Lewis to get a definitive answer, i'm certain that he will be interested in your plight.