How do I change my repayment date?
You can change the date of your monthly payment by calling us or using Chat as long as the correct payment is made in each calendar month. Please note only 1 Direct Debit claim can be made in a calendar month. If we don’t have time to collect a payment within the same month, this will extend the term of your mortgage by 1 month.
Interest is charged daily and is passed to the mortgage a month in arrears. Where the period between your existing and your proposed monthly payment dates is more than 1 month, this will result in the next payment being increased. This is to include the extra days’ interest. From then on, monthly payments will revert to the standard monthly payment amount.
If the period between the existing and proposed date is less than a month, the standard payment will be collected. This will result in more of your payment being applied to reduce the principal balance of your mortgage. Please note: if you decide to go ahead with the change, we’ll need at least 7 working days’ notice before your payment is due to update our records.
