Missed Mortgage Payment

BOOKWORM.1

Hi guys, a quick mortgage question please:

If a bank calls for a commercial mortgage on the due date and funds are not available in the account will the bank call a second time for the mortgage or is this seen as a missed payment?

size5

Has happened to me and the answer was yes they came back in for the DD 7 days later. BUT you would be much better ringing up & asking them

BOOKWORM.1

Thanks Size. I've been worried sick. This is the first time this has happened to me. The bank are not the most approachable but I'll definitely ring them today.

galwayrush

Always ring them if there's a problem of any kind.:cool: They are more approachable than you realise.

Toots

It seems to depend on the mortgage provider, some I've seen call again the following day (so about 2 days later by the time it hits your account), others call again in about a week, I've actually seen one go in for funds a fortnight later, which was very strange. Best bet, as others have said, is phone the bank and confirm. They'll appreciate the call TBH.

BOOKWORM.1

Thanks for all your feedback folks. The Bank called a second time a couple of days later.

Abelloid

BOOKWORM.1 wrote: »

Thanks for all your feedback folks. The Bank called a second time a couple of days later.

I was in a similar situation recently, I rang to explain why it had missed (€14 short in account) but they said they didn't even notice, the mortgage provider will make two attempts to debit your account before it's flagged.

You will be charged by your own bank for missing the first though.

BOOKWORM.1

Indeed they have. They were in for their 10.00 Euro like a light!