First Mortgage payment?

ymakesmile

We are currently in the process of buying our first house and are a little confused to how the first mortgage payment works, though I understand the first payment is usually larger than normal. Say we moved into our new home in the first two weeks of May and have requested our payments are on the 28th of each month, when would our first mortgage payment be due, would it be May or does it always start the month after?
Any help would be appreciated, thanks!

Robert_Sterling_3

I think, but am not sure, that the first payment will be due on 01 Jun 2009
and will be made up of a payment for the whole of June and part of May.
Although the payment is due on 01 Jun 2009 it is actually payable on any agreed date up to the 28th of the month.
The balance due on the first day of the month is added to the outstanding balance on the first day of the month.
I am pretty sure that this is what Nationwide does and I expect it is what a lot of lenders do.

Peelerfart

It's not the first mortgage payment that's the problem ............


It's the other 299,

:sad: :sad: :sad:

ymakesmile

thanks, there is just so much to think about!