Mortgage payment question..

[Graham]

Its such a long time since i moved house i can't remember...


say i complete towards the end of jan, and requested a mort payment date of the 24th of the month, when would i be expected to make the first payment?

surley not 24th jan?

G

[pdV6]

Would have thought that 24th Feb you'd make a payment for one month plus any extra odd days in January.

[richie_few]

i have the same issue im looking to complete on the 29th of jan and want the payment to be the 1st of every month.

[alexkp]

No idea - but if you are calculating that closely be careful. All moves end up costing more than you originally think in my experience. You need to make sure you have some extra on hand just in case.

[wiggy001]

When I moved two years ago I completed on the 5th and requested a pay date of the 1st... first payment was the 1st of the following month and was for almost two months' mortgage.

[minimax]

Graham said:

Its such a long time since i moved house i can't remember... say i complete towards the end of jan, and requested a mort payment date of the 24th of the month, when would i be expected to make the first payment? surley not 24th jan? G

depends...you would usually be asked to send a cheque as an interim payment to the 1st feb, then start paying as normal on 24th feb or the interim payment will be added on to the first monthly payment on 24th feb

[wiggy001]

Mine example above was with Northern Rock...

[minimax]

wiggy001 said:

Mine example above was with Northern Rock...

I used to work for them -

[minimax]

anonymous said:

[redacted]

all the lenders I deal with (127) require you to either pay the interest due separately or load it on to the first monthly payment

[minimax]

anonymous said:

[redacted]

NR are funny like that, you pay in advance for the money you've borrowed for that month. If you complete on the 30th you start owing interest on the 30th, so they ask you to pay it usually via cheque or if (as in your case) you're close to the first then it's added to the first monthly payment. with NR, the first monthly payment usually comes out on the 7th anyway, just to confuse everyone!

please excuse me if I haven't answered your question, I'm seeing through a fug of dodgy turkey and embarrassing memories of last nights christmas party!