When is the first mortgage payment taken?

Rob_Jones_2

Hi, we move into our house on the 10th of May, iv asked the bank to take the mortgage payment on the 21st of every month,when will the bank take our first payment? will it be the 21st of May or the 21st of June.

I asked my mortgage advisor and solicitor but they both seemed pretty sketchy on the answers

getmore4less

10th May is a Sun so the funds will be drawn down before you complete when is that?

Remember the first payment often includes the extra interest so is larger.

Your lender should have time to set things up for May but check.

Do not spend the money you will stil owe it if they don't set up in time.

Rob_Jones_2

sorry my bad, we complete and get the keys on the friday the 8th, im working till the 10th so thats when im moving in.

So we should expect to pay the first installment on the 21st May, i wasnt sure if it was like other things e.g contract phones etc where you recieve the phone then pay the first bill around 4 weeks later.