Mortgage payment switched to DD

Has anyone hereabouts had their mortgage payments transferred forcibly from
standing order to direct debit ? My scummy lenders appear to be trying to
introduce this under the cunning guise of changes to the (linked) buildings
insurance. There are bills I am happy to pay by DD for (and house insurance
is one of them), but I am not prepared to surrender mortgage interest and
capital repayment control to someone else. Heaven knows where in the T&Cs
it says they can do this, but I'm sure I'll lose the will to live trying to
find the relevant clause.
Just curious to know if anyone else has had a similar experience.
Reply to
John Laird
DD would mean you don't keep having to change your s/o each time the interest rate changes, so can only work to your advantage, as you can cancel at any time after all.
Reply to
Adrian Boliston
I know that, but am approaching a period where I may be unable to meet repayments in full. While I would not do so without arranging/notifying this in advance, can you see why I might be uneasy about letting *them* decide how much to try to grab each month ?
Plus, I don't recall it being a condition of the loan that they would control the method of payment, especially down to just one. Sliding it in under some confusing words about the insurance element just adds to my indignation...
Reply to
John Laird
"Adrian Boliston" writes:
But on the other hand, when the interest rate goes down some people might like to continue with the same monthly repayments so as to reduce the capital. With a Standing Order this is easy, and for such people, would mean that they would not have to change the amount of the SO until the required monthly repayment rises above the amount of the SO (eg because of interest rate rises). A Direct Debit makes it harder to systematically pay more than the minimum required by the lender.
Reply to
Graham Murray
In message , Graham Murray writes
No, you just run a SO in addition to the DD. DDs are hugely less expensive to administer by the mortgagee and aldo for the bank were the debtors account is held.
Reply to
john boyle
"john boyle" wrote
But then he would need to *increase* the SO to match the reduction in the DD, every time the DD reduced! (and vice versa)
"to continue with the *same* monthly repayments".]
Reply to
"to continue with the *same* monthly repayments".]
A few years back I had a mortgage with the Skipton BS at a time when the rate was coming down. I wanted to overpay and they told me all I had to do was send them a letter asking them to keep the DD amount constant until such a time as it was necessary to increase it if the rate went up.
Didn't seem all that difficult to me.
Reply to
Snap - the same with Nationwide - they even accepted it over the phone - just answered the standard security questions. Its a doddle.
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