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Late mortgage payment

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  • 18-04-2013 1:15pm
    #1
    ninisweeney
    Registered Users Posts: 7 ✭


    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


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    #2
    homer911
    Registered Users Posts: 5,119 ✭✭✭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


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    #3
    homer911
    Registered Users Posts: 5,119 ✭✭✭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..


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    #4
    roro2
    Registered Users Posts: 412 ✭✭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.


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    #5
    killers1
    Registered Users Posts: 1,443 ✭✭✭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.


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