Mortgage payment date

John_Jizzle

Hi - my brother in law and sis just got a new mortgage. Would they be able to change the payment date from the 1st until after they got paid (27th?). they are with the Halifax bank

Thanks

Northernproperty

That should be fine if they contact their lender.

ginvzt

John_Jizzle wrote: »

Hi - my brother in law and sis just got a new mortgage. Would they be able to change the payment date from the 1st until after they got paid (27th?). they are with the Halifax bank

Thanks

1st of the month is after the 27th (of the previous month). I am not sure why would they want to move?

We get paid on the 25th and the last working day of the month (so it varies) an most our bills, etc are set up to come out on the 1st - we are sure this way that the money are in the account for the payments.

John_Jizzle

they need to change it because they paid their last rent after pay day:

e.g. 27th November was for November rent. Now they have a new house they have to pay Decembers mortgage at beginning of month (so out of same pay)

ginvzt

December 1st is passed, so they would have paid it already? Rent is usually paid a month in advance, so if they are moving out on eg. November 27th (the rent day), they would not be paying anything on that day, but getting their deposit back within days, depending on the landlord.

John_Jizzle

ginvzt wrote: »

December 1st is passed, so they would have paid it already? Rent is usually paid a month in advance, so if they are moving out on eg. November 27th (the rent day), they would not be paying anything on that day, but getting their deposit back within days, depending on the landlord.

yeah they've paid it already but want it changed in future (so would pay january mortgage towards end of Jan rather than beginning.

the rent at their current place wasnt paid in advance - its just paid at the end of the month

kingstreet

As Halifax debits payments in advance, they'd have to pay the 26 days interest to be able to change the payment date from 1st to 27th.

This doesn't sound a payment date problem, to be honest. It sounds like there was a miscalculation by the borrower of the likely accrued interest and first regular payment at the commencement of the mortgage.