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How long for chaps payment to credit my Halifax mortgage?

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SR1
SR1 Posts: 147 Forumite
in Mortgages & endowments
I was fortunate enough yesterday to make a chaps payment to my Halifax mortgage for the full balance but I'm now sweating as themoney isn't showing yet, he did say 24-48 hrs , but should I be worried if it's not got there by this evening ?

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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    SR1 wrote: »
    but I'm now sweating as themoney isn't showing yet, he did say 24-48 hrs , but should I be worried if it's not got there by this evening ?

    No. As it's not 48 hours. (Making due allowance for actual working days).
  • dunstonh
    dunstonh Posts: 119,743 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Chaps payments take about 20 minutes (from the point they are keyed in by the bank) but it is recommended that you allow a couple of hours. That is the whole point of using CHAPs rather than BACS.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • kingstreet
    kingstreet Posts: 39,265 Forumite
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    It's probably the time for it to get from a Halifax suspense account to the Halifax mortgage account which takes the time and probably human intervention.

    CHAPs is great, the TGV for sort code/account number to sort code/account number (or SWIFT code to SWIFT code) but once payment reaches the recipient, it then gets on the slow train of the recipient's internal systems.
    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.
  • SR1
    SR1 Posts: 147 Forumite
    Thanks yeah I'm just being impatient but it's a lot of money
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You won't lose out. The money will be backdated as having been received yesterday.
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