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Interest charge for changing D/D date
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dontlikemondays
Posts: 110 Forumite
Hi guys,
my salary date is changing so I phones up mortgage company to change direct debit.
They say for changing from the 19th to the 25th will cost me £76
I can't see what difference it makes. It's the same month. I could maybe understand if it was the next month. Plus, I changed from 31st a few years ago at no cost and no interest refund.
I don't think they are right, what do you guys think?
my salary date is changing so I phones up mortgage company to change direct debit.
They say for changing from the 19th to the 25th will cost me £76
I can't see what difference it makes. It's the same month. I could maybe understand if it was the next month. Plus, I changed from 31st a few years ago at no cost and no interest refund.
I don't think they are right, what do you guys think?
0
Comments
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Clearing bank, such as NatWest, HSBC?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.0
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Who is your mortgage with?
Some are in advance and some are in arrears.
Interest is calculated on a daily basis so they are lending you for an extra few days so it!!!8217;s correct that they charge you.0 -
Assuming that is the interest chargeable between those two dates (and not a separate fee) and that the £76 is paid against your mortgage account then it isn't actually costing you any money.
It does have a cash flow impact - ie you need to find/have available the £76 now.
I assume that the size of your mortgage is greater than £100k?0
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