Sounds quite amazing does it not?

Well I will tell you exactly how I did it.

I have around 80 mortgages with Mortgage Express.  All my Mortgage Express direct debits come out on the 4^th of the month.  I wanted to even out my direct debits so I was matching the rents I receive with the payments coming out.

I wrote a letter to Mortgage Express requesting they move the dates to evenly spread it out over the month.  This they did.  However I thought they would accrue the interest up and charge me the rolled up interest plus the normal direct debit payment but NO!

They just moved my payment date to my specified date without rolling the interest up. 

So in effect they have extended the term of my mortgage from 25 years to 25 years 1 month but not charging me the interest.  Now I know the government have told mortgage companies to be kind to clients who request date changes but to give it to me interest free, now that is kind.

So if you want to stall some payments without getting in to arrears simply ask to move your direct debit date 1 day before your current direct debit date and they will not take a payment on the due date but take it on the new 30 days after it was due.

It works for Mortgage Express, but you could try it with others!

Posted on: 15th Dec 2008