Hi All,
My new mortgage issued last Thursday so my repayment date will be the 30th of the month. I get paid on the 2nd last working day of the month. In September this is fine as pay is the 27th and mortgage won't be due until after that. In October both will be on the same date (30th). My salary normal hits my account around midnight on pay day but I'm not sure what time the mortgage gets taken out. Its all a bit close.
PTSB allow you to change the payment date to any other date in the month where its due. I'd like to push it out to the 31st, to ensure the salary hits the account on time. I assume I can't push it out to the 1st day of next month. They say changing the date can increase the interest you pay over the term of the loan. I'm struggling to figure out how much it will cost me? Currently I have a 5 year fixed rate at 3.1% I don't mind an initial increase in the first month but if its a recurring cost throughout the month then that won't be great.
Deirdre
My new mortgage issued last Thursday so my repayment date will be the 30th of the month. I get paid on the 2nd last working day of the month. In September this is fine as pay is the 27th and mortgage won't be due until after that. In October both will be on the same date (30th). My salary normal hits my account around midnight on pay day but I'm not sure what time the mortgage gets taken out. Its all a bit close.
PTSB allow you to change the payment date to any other date in the month where its due. I'd like to push it out to the 31st, to ensure the salary hits the account on time. I assume I can't push it out to the 1st day of next month. They say changing the date can increase the interest you pay over the term of the loan. I'm struggling to figure out how much it will cost me? Currently I have a 5 year fixed rate at 3.1% I don't mind an initial increase in the first month but if its a recurring cost throughout the month then that won't be great.
Deirdre