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Mortgage payment date
Worried
Posts: 270 Forumite
How does your mortgage payment date get set? I would like my mortgage payment to come out at the start of the month. Does it depend when you complete, or can you choose? If yo can decide, what do I need to do, inform mortgage co. directly? Is there a default payment date if we don't say when?
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Comments
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In my experience you can choose your own date.
one thing to bear in mind - if you complete on the 2nd of the month but want your payment to be the 1st, then you'll have almost 2 months interest to pay.
Either way you should be able to choose your own date, or even change it at some point if it's already been set.
Keen photographer with sales in the UK and abroad.
Willing to offer advice on camera equipment and photography if i can!0 -
Hi
Just picking up on the what darich said. It sounds to me like it makes a big difference if you agree to pay after the first day of the month..... At the momment i have agreed to pay my mortage on the 3rd day of each month....but if you pay before the end of the month to avoid the extra interest, most people wouldnt have the money in the bank.. ...0 -
my interest is calculated daily? if i pay on the 3rd day of the month will this affect the the amount of interest i owe.
Should i see if i can pay before the end of the month ?
what do other people think ? what do other people do?0 -
Hi Al Mac
I have just flicked through my mortage guide booklet. Couldn't see anythign in there about when they would take it off the balance, so i suspect i may have to call them..... although... it says if i decide to to pay between the 29th and 31st of the month they will take the money on the 28th... not sure if that means they will take it of the balance then......
I'm with Halifax.....0 -
I remember that I could select any day of the month to pay. I selected a date approximately a week after my regular pay-day, to allow for weekends and public holidays etc.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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When I bought my first house they took my first payment a month after I completed but I was then allowed to change the date to the first of the month.0
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