You are probably dealing with a junior member of staff who cannot be bothered to follow it up .
A friend of mine did this 10/15 years ago and when she got to what she thought was the end of her mortgage she was told she still had another two years to pay.
Their explanation was that even though she still paid every month because she had brought it forward by a week per month she had effectively added on a week per month to her mortgage which in her case amounted to two years. I would rather suffer paying two months in one than having to pay years onto the end of it.
Huh? That makes no sense to me, unless there was some sort of penalty pricing included in that particular product.
If you think about it if you start paying a week later every month for the rest of your mortgage if you work it out what you get is ..
Just wondering if anyone has any experience of this, I want to change the date of the DD for my mortgage by just a few days, as the way in which I get paid is soon changing, I called Ulster Bank and they said that due to system limitations the date cannot change, it's the 1st of the month for everyone on that product (tracker mtg) and no way can it be changed - seems very strange to me ?
I would have thought there may be certain cycles like you can take the 1st, 7th or 14th etc but to only have one day and no other option seems a little bizzare to me. Just wondering if anyone knows anything about this or should I push it further, thanks
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