Mortgage DD Details

jolester

Hi,

We moved into a property the middle of this month, to date the mortgage lender hasn't contacted us to take bank details of where to take the DD from, usually when would this occur? Are we likely to pay a big bill 1st December for November and half of October's mortgage payment?

gregsayer

would you not have submitted your details to your broker / bank at the time of the credit checks?

libf

Contact your lender, ask when the first payment is and ask whether they have the details needed to take payment. Or contact your broker and ask them, if you used one.

jolester

I've re read mortgage details and it just says it takes 21 days to set up DD, we figured it would be too late to take our details in time for November 1st payment so they'd contact us ready for December, we just didn't want to potentially miss paying our first mortgage payment. If it was normal practice then we wouldn't have contacted them but if they're likely to need our details by now then we'll contact them.

kingstreet

In advance or in arrears depends on the lender concerned.

I suspect you'll pay your first payment in early November if it's a building society or former building society and it will be a month's payment plus interest from the date the funds were drawn-down to the month end.

if it's a clearing bank, you won't start paying until the end of November or beginning of December.

There is no point asking a broker. We are not supplied with this information ourselves.

G_M

Do you have a mobile? Or home landline? Give them a ring.

If not, do they have an office near you? drop in.

If not, the Royal Mail have a service that facilitates the transfer of paper betwen parties - you could use it to ask a written question.

jolester

Thanks GM, like I said, if it was normal practice that they wouldn't have had DD details yet we wouldn't have contacted them, but given the helpful advice we've had previously on this site thought I'd pose question here first.

I do have a work land line, I will be using this to give them a ring.