Mortgage Question - First Payment

dan_l

Hi,

We have just applied for a mortgage and by the sounds of it we are looking at 6 - 8 weeks. We are first time buyers so this is our first morgage.
The question I have is that on the application we put our monthly payment date to be the 1st. Now if it takes 8 weeks this would take us into the middle of September and we would have paid 2 weeks rent for that month. Would we then be expected to pay our first payment on October 1st or do they give us a clear month before taking the first payment? Our mortgage is with Natwest if that makes any difference, I have just tried phoning them to ask buy they are shut now.

Thanks,
Dan

Mrs_Bumble

When you look to complete on you new property the solicitor will negotiate a completion date with you and whoever is in the chain so you need to speak to the solicitor to see what date he anticipates completing on to see if that is convenient and work from there.

It is worth noting that you mortgage is payable from the date you complete so if that happens to be mid month then your first mortgage payment will be for more than the normal payment. For instance if you completed 20 September the payment due on 1 October would be for the 10 days in September and the whole of October.

Up to you to negotiate with the solicitor when is convenient for you.

Hope that helps!