Your home may be repossessed if you do not keep up repayments on your mortgage.
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What is the difference between a Standing order and a Direct debit?
Although Standing Orders and a Direct Debits appear very similar, they are very different. A Standing Order is where a customer instructs their bank to pay a set amount each month to a recipient for a set period of time. If a change to the payment is required by the recipient, it is up to you to inform your bank to make the change. We have seen many instances of clients who have fallen into arrears with credit just because they did not realise it was their responsibility to amend payments. This has had serious implications on their ability to borrow in the future. Direct Debit is by far the safest way of repaying your mortgage. Here it is the provider’s responsibility to ensure they take the correct payment amount from your bank account on the correct date. If there are any changes to your payment, the provider must notify you first before taking the new payment. If there are problems you are protected by a Direct Debit guarantee, this means your bank will investigate any problems and can even recall a payment if necessary. All lenders when you take out a mortgage will ask for a Direct Debit mandate to be completed
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