When does mortgage payment get applied to account ?

lilyloo17

I have mortgage with nationwide and also current account, I've recently noticed that the payment (which nationwide take via internal transfer) doesn't get applied to my account on the same day. Payment taken out of my account yesterday but still not applied today !
Probably nothing I can do about it, but it can't be clearing times as its internal account with them. Seems bit cheeky to me they have my money floating around somewhere earning interest on it , whilst charging interest on mortgage for higher amount even though payment has left me !
Guess is pretty normal though ??

lee111s

Ring them an ask? I'm also with Nationwide but don't pay them from my current account I have with them and my payment from yesterday is showing as cleared on the mortgage account so no, it's not normal. Similarly, whenever I make an overpayment through online banking, it always shows up, never a delay.

lilyloo17

Hmm that is interesting as when I make an overpayment that also doesn't show straight away either usually next day I think and it been bugging me as again I've transferred it myself from current account to mortgage - why wouldn't it show instantly ! I wanted to avoid calling and being on hold to call centre but suppose I might have to - thanks

GrantySpurs

Yep, same with us on regular and over payments.

lee111s

You will probably find that although it doesn't show on the online banking app, it would have had an immediate effect on the interest. At least that was the case with YBS who I held my previous mortgage with.

lilyloo17

Just called them she said the mortgage systems arent updated in real time like current accounts are, so although behind the scenes the money is there and interest is recalculated from the day I've paid it - I just can't see it immediately - odd that others it's instant though ! Suppose I will just have to trust them that interest is calculated from when I make the payment ! Thanks

FreddieFrugal

Yes it takes a couple days.

See I just messaged Nationwide to ask what my remaining overpayment allowance was, so I don't get any charges when I make my next payment.

However they told me the wrong thing, I took away my calculation from their one and what was left over was the payment I made by standing order yesterday.

So it hasn't shown on my account yet or on the information they have. Lucky I didn't actually just go by the figure they gave me! Although I suppose I'd have had a comeback if they did charge me based on the message they sent.

I am impressed with the speed in which they respond to things though.

GrantySpurs

I have always been really impressed with Nationwide...right up until we decided to move house and ask them for extra lending.
All was going swimmingly until it got to the underwriter stage.
They have been so slow and have a ridiculous policy where by if they have a query they wont get in touch with you they will wait for you to call. They also have a policy of not telling you that at the out set because it wouldn't give the customer much confidence in them.

Eventually got the offer though so can put that behind us and enjoy what I used to enjoy about Nationwide again.

pollyanna24

I have a mortgage with Nationwide and noticed the same thing as you. They will take the money out of my Nationwide current account, but it doesn't show in the mortgage account until the day or two after (still waiting for this month's to show).

But on the day it appears, I pay a few pence less interest, so the interest is recalculated straightaway.

I am also applying to borrow more from Nationwide and it has been an absolute nightmare. First application was submitted on 7th August, they've had all the documents they need for about a month now and I am still waiting for a mortgage offer. There was a glitch on their computer about two weeks ago, but every time I ring up for an update, they say, yes yes it will be done in a couple of days. A couple of days go by, I ring up and I get told the same thing. It is soooo frustrating!

Thrugelmir

Mortgage computer system is more than likely a legacy system that predates the Nationwide being a bank just a building society. The banking system will be a totally new piece of software. Any integration of data will therefore be performed as an overnight batch run not immediately online.