Mortgage rate ended, new mortgage supposed to start today but...

[AmberGer]

Hi, so we knew our rate was coming to an end and secured a new deal in August. Old deal ended yesterday. Direct debit went out this morning at old rate, supposed to be higher.
Dh said it's probably because new rate won't start until next month.
Is he right?
I was expecting it to change today.

You pay your mortgage a month in arrears, so I think that’s right.

Your mortgage company should have sent you new info though - which will show the new payments and when they go out.

We haven't received anything

Chase that up with your lender, you should have a letter detailing what payments will come out when. Your broker will also be able to confirm whether the rate switch has gone through too.

The best person to ask is your lender, they will know for sure when no-one here can. You need to speak to them anyway about the paperwork - you’ve left it 2 months without getting written confirmation of your new agreement?

I would check with the bank. When our mortgage changed the direct debit stayed the same. It didn't matter in our case since it was with the same lender and just slightly cheaper. But in your case you could end up with missed payments and a bad credit rating if something went wrong.

Have you received confirmation in writing of the details of your new product?

This happened to me recently, it’s because you pay in arrears, the payment should change next month.

Thanks all. Dh rang lender. All is fine. We are on new rate and changes to DD will come into effect next month.
Still no paperwork to confirm though which is odd (barclays)

I have just switched to a Barclays mortgage and (other than the offer paperwork) I didn’t get anything in writing until the day after we completed. I was a bit surprised to be honest and phoned them up. All is fine but I was shocked at the lack of communication before the completion date!

@Batmanandrabbit
Finally received the paperwork today!

@AmberGer glad it is all sorted now!

This is how brilliant barclays communication is, I've just received this 😂

@AmberGer oh dear. I had similar issues with Octopus (and now bulb) random emails contradicting each other. It would be funny if it wasn’t so frustrating