changing mortgage payment date

caroladams

I have a mortgage with the Bank of Ireland, i requested that the payment date was moved by 4 days as in a 5 week month I end up paying twice out of the one wage. They want to charge me £63 in interest for doing so. Is this usual

Snow_Dog

Yes, it is usual, if you are moving the payment date back by four days eg was going out on the 1st, you changing to the 5th, what they do is add on the four days of interest onto the next payment, so as an example:-

1st July, payment = £1000
1st Aug, payment = £1000
1st Sept, payment = £1000
5th Oct, payment = £1063
5th Nov, payment = £1000
and so on.