will I get bank charges / poor credit rating if I miss a mortgage payment due to switching banks?

[ilikeyoursleeves]

I am in the process of switching bank accounts. My salary has been paid into the new account but the process of changing everything over isn't complete as yet as my old account is still open and functioning. I don't have enough money in the old account to cover the mortgage which comes off on the 1st of the month, does anyone know if I should put enough cash in the old account to cover mortgage just in case the switching process isn't complete by the 1st? Or given it's the banks responsibility to switch everything over, would they be OK if I 'missed' the next mortgage payment? (ie didn't charge me or give me bad credit rating)

I think you should give your mortgage provider a call and tell them what's happening.

YOu should always hold enough money in your old account to cover DD's in event of delays, so yes stick some back in. Once all your DDs have been confeimed switched the you can clos old account.

I agree with the suggestion to make some calls a) to your mortgage lender, explaining that you are switching accounts and b) to your old/new bank to check progress of the switchover and which account the mortgage will be paid out of. When I switched account a few years ago, my new bank put in place a temporary & free overdraft facility to cover debits moved before there was enough cash in the account. I could not afford to have large amounts of cash in all accounts 'just in case'. As it turned out, I didn't need to use the overdraft, but it was a nervous few weeks.

Anticipate problems with a few calls and put your mind at rest.