first mortgage payment a month & half?

J

jun2004

Registered User
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11
Hi

Our first mortgage payment was due to be taken from our bank account on 7th Apr 2008 - this was never taken, the money is still sitting in our account.

A friend of mine tells me that sometimes they do not always take your first month repayment and on the second month, ie 7th May 2008, they'll take a month and a half mortgage instead. This happened on her first repayment.

I've never heard of this, has anyone else? I just want to check before I call the bank! We're with PTSB.
 
Your mortgage agreement should state when repayments commence. If in doubt, call the bank.
 
This happens for nearly every company and direct debit. Depending on when you send in the forms and they send them on to the bank it can be 2 months or more before any money is taken out. Its perfectly normal.

The mortgage statement will say what day of the month but if you don't get the forms in in time this wont happen.
 
The mortgage agreement stated 7th April 2008 and all direct debit forms etc were sent in a couple of weeks before the cheque was even issued. I'll wait until 7th may when the next payment is due and if nothing happens by then, i'll give them a call.........thanks
 
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