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Mortgage Direct Debits
Fifa2001
Posts: 1 Newbie
I have been advised by my bank that legally they can only request one D/D payment from my account every month. If this is true, does anyone know why?
I had hoped to divide up my mortgage payment, and send on the 1st & 14th of every month so that I can reduce the outstanding amount & repay sooner while also having the option to overpay via an online transfer.
I had hoped to divide up my mortgage payment, and send on the 1st & 14th of every month so that I can reduce the outstanding amount & repay sooner while also having the option to overpay via an online transfer.
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Comments
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I am nor sure about the legal reasons but I know it is most lenders policy.
Paying it that way will not reduce it quicker, paying it all on the 1st and then over paying will. You can set up standing orders.
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