Late mortgage payment

ninisweeney

have a question my ebs mortgage payment was due the 7th of april did not have the money but will have it by the end of the month will i still be ok if i ring them on the 30th of april and make a payment over the phone or will it be to late then will i be in arrears never missed a payment in the 6 years worrid sick

homer911

ninisweeney wrote: »

have a question my ebs mortgage payment was due the 7th of april did not have the money but will have it by the end of the month will i still be ok if i ring them on the 30th of april and make a payment over the phone or will it be to late then will i be in arrears never missed a payment in the 6 years worrid sick

Dont worry about it - payment on the 30th will not get you into trouble with the Bank or Credit Bureau

homer911

Borrowers would be best advised to review the terms and conditions of their mortgage. Its true that a payment up to 30 days late is unlikely to affect your credit rating. From a financial perspective, you could however be running up penalty/overdue interest on these short term arrears, which will be capitalised periodically onto the amount owing. Indeed some/all(?) banks charge surcharge interest, which is essentially interest on your interest..

roro2

From memory, I think the Central Bank prohibited surcharge interest a couple of years ago. But mortgage terms generally don't provide for a grace period and specify a day for repayments to be made, so you're probably considered to be in arrears following this date. But a few days or couple of weeks is unlikely to have any real impact except possibly a warning letter from the bank.

killers1

Banks will generally try taking the repayment again by DD 2 weeks after the scheduled if it was returned unpaid. They don't report a 'missed' repayment to the ICB until 1 full repayment is more than 1 full month overdue. If the payment is made at the end of the month it will have no bearing on your Credit Report.