Could anyone advise what the procedure is when a mortgage payment is missed. i.e. DD request refused because of lack of funds.
Will the bank retry to take payment at later date. Can they do this without authorisation.
Will the bank wait till following month and take following months payment by DD at that stage.
Is the missing payment then added to capital amount of mortgage or set aside as separate arrears amount.
Basically wondering whether it is possible to unilaterally change repayment terms by missing occasional monthly repayment (say one a year) Obviously understand that this would not be approved by bank.
Will the bank retry to take payment at later date. Can they do this without authorisation.
Will the bank wait till following month and take following months payment by DD at that stage.
Is the missing payment then added to capital amount of mortgage or set aside as separate arrears amount.
Basically wondering whether it is possible to unilaterally change repayment terms by missing occasional monthly repayment (say one a year) Obviously understand that this would not be approved by bank.