What if I miss a mortgage payment by a few days?

Generally if paying by direct debit, they will make a second attempt to take the payment, if that succeeds, it is as if the original payment went through.

Of course not all lenders may operate like this.
 
You'll probably be charged an unpaid DD fee by the bank operating your current account.
A payee (in this case your mortgage lender) may also levy a fee but you'd have to ask your mortgage lender.
It's unlikely that a (presumably) once-off missed mortgage payment will cause any other problems or be recorded on your Central Credit Record file but, again, you should probably check to be sure with your mortgage lender.
But if you are struggling to meet your scheduled mortgage repayments and this is likely to be a more regular occurrence then you should contact your mortgage lender as soon as possible to discuss this and see what options might be available to ameliorate the situation.
 
In most cases you can change your mortgage payment date to any date up to 28th.

Once it goes into the next month it gets registered with the credit register.
 
peemac said:
In most cases you can change your mortgage payment date to any date up to 28th.

Once it goes into the next month it gets registered with the credit register.
Click to expand...
I don't think you've said what you intended, because this is not correct.
 
RedOnion said:
I don't think you've said what you intended, because this is not correct.
Click to expand...
Certainly with KBC they permitted any date in the month as the payment date.

Once it was paid by the end of the month it was within their agreement.

28th was the last possible date due to 28 days in February (ex leap)

A previous mortgage with Irish Permanent also had a mid month date. But this was 20+ years ago.

Possibly other banks don't permit it, but worth calling them and asking.
 
@peemac your comment re CCR is completely incorrect. There is a 1 month grace period in CCR reporting. Any changes to payment date with agreement of lender are an amendment to your contract and therefore cannot be reported as missed payments as it was agreed.
 
RedOnion said:
@peemac your comment re CCR is completely incorrect. There is a 1 month grace period in CCR reporting. Any changes to payment date with agreement of lender are an amendment to your contract and therefore cannot be reported as missed payments as it was agreed.
Click to expand...
You might have mis understood me.

KBC and probably others will allow you choose the day in the month that payment comes out. It defaults as the 1st, but some may prefer 25th or 21st.

It has no affect on credit history, but can help with budgeting.

However KBC did say that if I missed a 21st of the month payment and it was not rectified until early the following month, it would affect credit history as the payment becomes payable on the 1st and if I moved the payment to the 21st (as I did in 2013) it gave 7-10 days to rectify it if payment was missed.
 
peemac said:
if I moved the payment to the 21st (as I did in 2013) it gave 7-10 days to rectify it if payment was missed.
Click to expand...
OK, the timeline explains the incorrect information.
In 2013, it was the ICB (Irish Credit Bureau) where missed payments were reported. Lenders treated grace periods inconsistently.
The CCR (central credit register) was legislated for in 2013 and began to collect data in 2017. The rules are different, and that whole inconsistent treatment of payments missed by a couple of days over month end being reported as missed is gone.
 
Maling said:
Hi! What is the effect if I missed a mortgage payment by a few days (7days) ?
Click to expand...
The lender is not going to have a fit if you are only 7 days behind.Just simply get back on track with regular repayments.Me thinks.!
 
You must log in or register to reply here.
Back
Top