Setting up mortgage payments

M

moondance

Registered User
Messages
313
I wasn't sure if this should be posted in this forum or in the mortgage one, you might tell me! I have a current and savings account with an online bank (Rabo) and I was just wondering could I pay my mortgage from this current account instead of my AIB one? It doesn't allow direct debits but does allow standing orders (really to facilitate moving money to and from customer's high street bank). I called them and they were a bit vague to be honest.
 
Last edited:
Re: Online Banks



Your thread title doesn't really reflect the nature of your query - please edit it.

Many mortgage lenders may need you to do DDs rather than SOs to pay the mortgage since the mortgage repayment may vary with rate fluctuations. DDs cater for variable amounts and allow the payee to "pull" the money from your account thus maintaining control over matters. SOs are for fixed amounts and are "pushed" from your account so the payee does not have control over the process. Ask your lender if they allow repayments via SO, what the issues might be and if they do then you can presumably do tihs from your Rabo account. [broken link removed] and then only from the current account. Remember that you will probably have to do this from the Rabo current account so you will have to make sure to move money from your savings account to cover it.
 
Re: Online Banks

Thanks Clubman, just wanted to check that. It makes more sense that a mortgage payment would be a DD alright. I wanted to do this so I could put money aside each week into a separate account for my mortgage and bills and stuff so that there wouldn't be a big chunk coming out of my regular current account every month. Looks like I'll just have to open another current account in my regular bank unless anyone has any other suggestions?
 
Re: Online Banks

So I can manage my money easier! I get paid weekly so I want to put mortgage and household bill money aside from this into a separate household account so I know what money I can spend!

(How do I edit the thread title?)
 
Re: Online Banks

moondance said:
So I can manage my money easier! I get paid weekly so I want to put mortgage and household bill money aside from this into a separate household account so I know what money I can spend!
Click to expand...
Seems overkill to me to open a separate account to manage this.
(How do I edit the thread title?)
Click to expand...
Read the thread that I linked above.
 
You must log in or register to reply here.
Back
Top