Repayments - Do i paid extra when moving employers?

santiagobravo

Im switching employers next month but i need some MSE help out in terms of my mortgage payments.

With my current employer im paid on the 15th and i originally set up my mortgate payment to go out then

With this new employer they pay on the 30th. So for the first month i make my repayment on the 15th, then get paid on the 30th
which will do me for the next 15th repayment. Have i effectively paid an extra 1/2 month repayment?

Sorry for the noob question but i just cant work it out - brain freeze

thanks

S

kingstreet

Are you asking your lender to move your mortgage payments to 30th then?

You don't make this clear.

Changing the date you get paid doesn't change the date you pay your mortgage unless you ask the lender to do so.

rising_from_the_ashes

I'm confused too..... a lot depends on the date you actually switch employment & what proportion of the month's salary you will be due from each employer.

Your mortgage payment date won't change unless you ask them to change it, and you may well have to pay an additional amount that month (depending on whether it has to be paid by a certain day in the month, or whether it's in arrears/advance).

eg my mortgage payment comes out on the 15th of each month, but that is payment for the full month, so I effectively pay 1/2 month in advance & 1/2 month in arrears.

McKneff

Be careful about changing to the 30th of the month, when February comes around, they will probably take the payment early (ie 28th)

santiagobravo

I've not changed my mortgage payment date.

My concern is that I've already been paid my final salary for this month. My mortgage payment has also been paid. I start with my new employer next month, so i get paid on the 30th. However my mortgage payment is due on the 15 th. So i will have to use my savings for next repayment. Once i get paid at the end of April i will use that for my may repayment.

So rather than use my salary for April repayment, i need to use my savings. I was trying to work out a way so that i don't need to use my savings.

If i move the repayment date to the first of the month i think that may help

DVardysShadow

santiagobravo wrote: »

So rather than use my salary for April repayment, i need to use my savings. I was trying to work out a way so that i don't need to use my savings.

If i move the repayment date to the first of the month i think that may help

Beware of moving the repayment date to the 1st! If it is the first of the next month, some lenders whose left hands don't know what their right hands are doing will agree to the change of date but then treat you as paying late every month thereafter!

In your position, I would take the money from savings and leave the date as the 15th - in case the new employer is slow with payments. As you come to a new financial equilibrium, you should be able to put some of that money back into savings.

santiagobravo

At which point is financial equilibrium?

DVardysShadow

Once you stop having to make adjustments because of the change of pay date.

santiagobravo

I see, thank you