Repayment date for my mortagage

S

Sammie

Registered User
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Hi my mortgage comes out on the 7th of every month, starting next month, and I am "supposed" to get paid on the 5th of each month. Sometimes my wages do not go into my account until 7th. I have asked my mortgage lender to change the date but he said he can not.
Is this correct?

If my wages are not in my account in time, due to no fault of my own, then there will be no money to transfer to my mortgage and I will be viewed as missing a payment.

Do i have any rights here to demand a change in dates that my mortgage goes out?
thanks
 
Sammie said:
Hi my mortgage comes out on the 7th of every month, starting next month, and I am "supposed" to get paid on the 5th of each month. Sometimes my wages do not go into my account until 7th. I have asked my mortgage lender to change the date but he said he can not.
Is this correct?
Click to expand...
Seems a bit odd. I know that I used to pay EBS on the 7th but I thought that they allowed borrowers to choose any (or at least some other) dates in the month to suit their cashflow (e.g. salary payment) arrangements. Maybe some lenders have a single hard and fast date for repayments but it seems very inflexible if that is the case.
 
Write to them asking what the options are for repayment dates - that's the only way to get the authoritative answer. I could have sworn that they had some flexibility on this but maybe I'm mistaken.
 
Some lenders do have a single collection date. You can change from paying by direct debit to standing order whereby you can state the payment date - as long as it's in the month that the payment is due it should not show up as a late payment. Alternatively ask your bank to give you an overdraft facility so that even if your wages haven't cleared the payment will be honoured.

Sarah

www.rea.ie
 
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