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Complete on the 31st - when will first mortgage payment be?
Heth_2
Posts: 472 Forumite
Obviously I could ask the mortgage lender this but the woman at Abbey dealing with us is a pain to get hold of...
We are due to complete our house purchase on the 31st, we are ftbs so haven't done this before. When we applied for the mortgage we said we wanted the direct debit to go out on the 1st of the month - does this mean the first will go out on the 1st of April? Some people seem to say the first payment goes out after a month, in which case would the first be on 1st of May (and if it was would it be for 2 months mortgage or one, ie do you pay in advance or arrears).
Obviously we can afford either happening, but it would make a difference to the cash flow.
We are due to complete our house purchase on the 31st, we are ftbs so haven't done this before. When we applied for the mortgage we said we wanted the direct debit to go out on the 1st of the month - does this mean the first will go out on the 1st of April? Some people seem to say the first payment goes out after a month, in which case would the first be on 1st of May (and if it was would it be for 2 months mortgage or one, ie do you pay in advance or arrears).
Obviously we can afford either happening, but it would make a difference to the cash flow.
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Comments
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Im having this problem too, I dont understand what our morgage ppl want!
What I do know is that our morgage is paid in advance and they cant take a penny until after a month, from your dates I would say your first payment is due out on the first of may.Debt free and plan on staying that way!!!!0 -
i know it states in our mortgage papers that the first payment will be taken as they transfer the money to us (ouch) and the next payment will be taken on the following 28th of the month (so hoping we don't complete on the 27th)
n0
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