Using 1st as mtg payment date -additional cost

ViolaLass

Why not ask Nationwide to take a direct debit and ask them what date would ensure the mortgage would always be paid on time?

You also still haven't clarified what the +£5 was actually for.

getmore4less

How much is the mortgage?
When is the final date(full term).

messing around with dates and not paying sometimes will mess up the standard amortisation schedules you can easily get behind.

if you moved from the scheduled date to a later date then the payment won't have covered the interest.

even with DD the dates can be delayed but the lender can deal with those, with a SO it just looks like a late payment.

Dandytf

ViolaLass wrote: »

Why not ask Nationwide to take a direct debit and ask them what date would ensure the mortgage would always be paid on time?

You also still haven't clarified what the +£5 was actually for.

As my bank is rbs
I dont have an account with Natwide anymore.
Natwide mtg account only

Aletank

Really don't understand this problem or where the £5 is coming from ?
I have the same Nationwide base rate + 2% so 2.49% at the moment.
I have a direct debit/standing order set up for the 1st of the month, sometimes it comes out 2nd/3rd/4th etc depending on a weekend/bank holiday. The payment taken is that months payment, so as long as it comes out by the end of the month, there is no issue.

Dandytf

Aletank wrote: »

Really don't understand this problem or where the £5 is coming from ?
I have the same Nationwide base rate + 2% so 2.49% at the moment.
I have a direct debit/standing order set up for the 1st of the month, sometimes it comes out 2nd/3rd/4th etc depending on a weekend/bank holiday. The payment taken is that months payment, so as long as it comes out by the end of the month, there is no issue.

That’s what I thought since June 17 approx when my 5yr 5% fix ended and I swapped online to 2.49% 2 yr fix.
I’ll need to re read the letter maybe next few days before calling Natwide after xmas

ViolaLass

Dandytf wrote: »

As my bank is rbs
I dont have an account with Natwide anymore.
Natwide mtg account only

That doesn't mean you can't have a direct debit arrangement with them.

Aletank

Are you sure its a 2 year Fixed and not a Tracker ?
If it's a Tracker Your mortgage would go up now as the Bank of England rate has just increased.

Dandytf

Aletank wrote: »

Are you sure its a 2 year Fixed and not a Tracker ?
If it's a Tracker Your mortgage would go up now as the Bank of England rate has just increased.

2yr fix@2.49 that’s a previous thread as missed ltv for tracker -trashed when natwide reduced proper property valuation since 2009 when they lent the original amount-then decided to lower the valuation without prior notice earlier this year hence I took another fix though much shorter @2yr.
Natwide stressed this new recent charge isn’t; a base rate charge.

Dandytf

ViolaLass wrote: »

That doesn't mean you can't have a direct debit arrangement with them.

Are you suggesting I could ask rbs to setup a DD fro my Natwide mrtg.

ViolaLass

Dandytf wrote: »

Are you suggesting I could ask rbs to setup a DD fro my Natwide mrtg.

I'm suggesting you could ask Nationwide to set up a DD for the mortgage.

A direct debit just means you've given an institution permission to take a certain amount of money from your account.