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be charged for changing a direct debit date?
claireK_2
Posts: 9 Forumite
Hi,
wonder if any one can help?
I was looking to change my direct debit date for my mortgage from the 6th of the month to the 24th (payday!!) Spoke to First national/ GE Money who advised that yes that was fine but it would cost £240 to cover interest charges. Is this normal? I've changed direct debit before with the last mortgage with no problems, just seems excessive?
Thanks.
wonder if any one can help?
I was looking to change my direct debit date for my mortgage from the 6th of the month to the 24th (payday!!) Spoke to First national/ GE Money who advised that yes that was fine but it would cost £240 to cover interest charges. Is this normal? I've changed direct debit before with the last mortgage with no problems, just seems excessive?
Thanks.
0
Comments
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Its to cover the interest you pay between the 6th and 24th. After its changed to the 24th it will revert to your normal payment.0
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Pretty universal practice really, that charge is for the 18 days extra on this month that you will have held the mortgage before paying it.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.0 -
My mortgage was previously with halifax who let us change dates without any problems. Oh well, guess I'll have to stick the original date then. Thanks for the help!0
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But your not being charged any extra really clairek. You would still be paying your mortgage anyway. The interest is for the shorter monthly date from the 6th - 24th and then it'll be a complete monthly payment on the following 24th of the month.0
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