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Possible silly question re mortgage payments...
monkey82
Posts: 24 Forumite
Hi, hope someone can help me, I can't find the answer by searching the forums!
Are mortgages paid in arrears? So the payment gone out today actually covers last month?
Never really thought about it before & am slightly confused! My fixed rate ran out on 31 Aug & I've dropped down onto the SVR, so was expecting this month's mortgage payment to be less, but they've taken the same amount as when I was on my fixed rate.
Just thought I'd ask here before I ring the bank & make myself look silly!
Thanks!
Are mortgages paid in arrears? So the payment gone out today actually covers last month?
Never really thought about it before & am slightly confused! My fixed rate ran out on 31 Aug & I've dropped down onto the SVR, so was expecting this month's mortgage payment to be less, but they've taken the same amount as when I was on my fixed rate.
Just thought I'd ask here before I ring the bank & make myself look silly!
Thanks!
0
Comments
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Building societies and former building societies charge in advance. Clearing banks charge in arrears.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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it's Natwest so falls into the latter category, that explains it then - damn! Thought I would have a nice surprise when I looked at my account this morning
Thanks for the reply0 -
The lender is...?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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We must have posted at the same time - Natwest0
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