Changing mortgage payment date?

woodsford

Hi all,

In a bit of dilemma here - my payment date is just before I receive my pay, i.e. on 26th on every month when I get my pay on 29th/30th.

Ideally I would like it to be paid out AFTER I get my pay, i.e. on 1st date in the new month after I get my pay on 29th/30th on the month before.

Is this sort of thing possible? Is it simple to resolve?

I'll call my bank but good to know if anyone's done it before.

cattie

If I remember correctly, no you can't change the date. If your mortgage is new you need to remember that  the first payment, which is mostly interest, can be taken prior to the direct debit kicking in.

I sincerely hope you haven't taken out a mortgage that leaves you living hand to mouth & anxiously waiting on the pay cheque each month. It's wise to ensure you have around 6 months outgoings in savings to see you through any rough times once you've taken on a mortgage.

getmore4less

if you budget properly it should not matter when it goes out, 

Better to bring it forward pay this months on time then move next months back to near the the pay date rather than push it back to the following month
May 26 then
June 1st (best to leave a bigger  gap in case the pay is delayed if you don't have  buffer funds)

Weathergirl_76

Hi, I changed my mortgage payment date to the day after I get paid. It made it a lot easier to budget. I remember they had to re-calculate the interest and I had more to pay one month and less the next. It. Depending on the bank, they should be able to do it. I remember when I first got the mortgage they couldn’t change it, then a few years later they could.

woodsford

cattie said:

If I remember correctly, no you can't change the date. If your mortgage is new you need to remember that  the first payment, which is mostly interest, can be taken prior to the direct debit kicking in.

I sincerely hope you haven't taken out a mortgage that leaves you living hand to mouth & anxiously waiting on the pay cheque each month. It's wise to ensure you have around 6 months outgoings in savings to see you through any rough times once you've taken on a mortgage.

Not an issue. I have enough money - just a preference I guess.getmore4less said:

if you budget properly it should not matter when it goes out, 

Better to bring it forward pay this months on time then move next months back to near the the pay date rather than push it back to the following month
May 26 then
June 1st (best to leave a bigger  gap in case the pay is delayed if you don't have  buffer funds)

Budgeting is not a problem. I like all my bills / direct debits to be paid on the same day so I can keep track easier.
Good tip re the bigger gap in case the pay is delayed - hadn't thought of that.

Weathergirl_76 said:

Hi, I changed my mortgage payment date to the day after I get paid. It made it a lot easier to budget. I remember they had to re-calculate the interest and I had more to pay one month and less the next. It. Depending on the bank, they should be able to do it. I remember when I first got the mortgage they couldn’t change it, then a few years later they could.

Thanks for that. I just logged in my mortgage account and changed it myself. A bit surprised how easy it was....

Irishpearce26

Ask your mortgage lender i guess? 

Also its not about more for less just convenience, most lenders now have one window for payments as this streamlines their revenue lines and allows better insight on what they can lend. If its not a problem then why bother...

zagubov

woodsford said:

cattie said:

If I remember correctly, no you can't change the date. If your mortgage is new you need to remember that  the first payment, which is mostly interest, can be taken prior to the direct debit kicking in.

I sincerely hope you haven't taken out a mortgage that leaves you living hand to mouth & anxiously waiting on the pay cheque each month. It's wise to ensure you have around 6 months outgoings in savings to see you through any rough times once you've taken on a mortgage.

Not an issue. I have enough money - just a preference I guess.getmore4less said:

if you budget properly it should not matter when it goes out, 

Better to bring it forward pay this months on time then move next months back to near the the pay date rather than push it back to the following month
May 26 then
June 1st (best to leave a bigger  gap in case the pay is delayed if you don't have  buffer funds)

Budgeting is not a problem. I like all my bills / direct debits to be paid on the same day so I can keep track easier.
Good tip re the bigger gap in case the pay is delayed - hadn't thought of that.

Weathergirl_76 said:

Hi, I changed my mortgage payment date to the day after I get paid. It made it a lot easier to budget. I remember they had to re-calculate the interest and I had more to pay one month and less the next. It. Depending on the bank, they should be able to do it. I remember when I first got the mortgage they couldn’t change it, then a few years later they could.

Thanks for that. I just logged in my mortgage account and changed it myself. A bit surprised how easy it was....

Glad you got it sorted.
 Used to be difficult to change but glad it's an easier thing now