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    • TAWBristol
    • By TAWBristol 9th Jun 17, 4:04 PM
    • 10Posts
    • 5Thanks
    First months mortgage payment - direct debit
    • #1
    • 9th Jun 17, 4:04 PM
    First months mortgage payment - direct debit 9th Jun 17 at 4:04 PM
    Hi All

    Due to complete on 20th June. On the Natwest mortgage direct debit form it asks for preferred day of the month and says if left blank payment will be taken a month after completion.

    Does this mean you'd pay an extra months interest, or pay twice the first time? I'm not sure how it works, and if you are paying a month behind?
Page 1
    • dimbo61
    • By dimbo61 10th Jun 17, 11:44 PM
    • 9,397 Posts
    • 5,094 Thanks
    • #2
    • 10th Jun 17, 11:44 PM
    • #2
    • 10th Jun 17, 11:44 PM
    Most people get paid monthly at the end of the month.
    You could ask to pay your first mortgage payment at the beginning of the month
    The first payment can be larger as you are paying a month and X extra days
    • Geoff1963
    • By Geoff1963 11th Jun 17, 12:28 AM
    • 633 Posts
    • 395 Thanks
    • #3
    • 11th Jun 17, 12:28 AM
    • #3
    • 11th Jun 17, 12:28 AM
    NatWest loans as standard take the first payment 14 ( business ? ) days later ; if you specify the date as being less than 14 days, it is taken a month later. It would be a bit daft if when you borrowed £1000 with monthly payments of £100, the first one was taken on the day after you got the money.

    I'm guessing the D-Ds are for a fixed amount, so it just works out at the end ; it would be a bit odd if the first month was much higher or lower. Best to ask in the bank, on Monday morning ; rest your brain for the weekend. :-)
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