My 1st mortgage payment

Gerrym1984

I move to my own house on 7th August 2009 and am aware that my 1st mortgage payment will be over the amount i will normally repay which will be £620 per mth. The interest rate is 5.74%. As my maths isn't up to scratch can some helpful soul solve my problem?

Many thanks in advance

Lots of views and no reply.....

Im fearful of having to pay basically 2 mortgage payments on my arrival to my new home. ie The 3 remaining weeks of August and the 1st full months in September all due when i move in.

crunchiechix

Hi, in my experience every lender has a different policy on this depending on what date of the month you complete. The only way you will get a definite answer is to contact your new lender and confirm the process.

If I was you though I would budget for the almost double payment in September.

How much is your mortgage for, is it repayment or interest only? This will help trying to calculate an estimated payment.

belfastgirl23

Gerrym1984 wrote: »

Im fearful of having to pay basically 2 mortgage payments on my arrival to my new home. ie The 3 remaining weeks of August and the 1st full months in September all due when i move in.

I do recall that's how it was for us with the Nationwide. I would also budget for having to do this.

supersunshine

I would personally call the mortgage people and get them to give you a quote for how much your first payment should be. This should be no problem to them and it saves you having a nasty surprise :-)

Hippychick

We have just taken out a mortgage with abbey, they're charging us in arrears so our first payment will be on 1st September and covers August plus last 2 weeks in July, so happy to have a months breather in August!.

antheawad

This is correct I am afraid. If you were to move in on 21st August for instance, They wouldn't take a part monthly payment at the end of August, they would simply wait til the end of September, taking what feels like a MASSIVE payment incorporating the normal payment due, and the interest due from 21st August until the end of the month.

Unfortunately, the earlier in the month you complete, the bigger the monthly payment will be at the end of the following month, but saying that, if you were expecting to pay a mortgage payment at the end of August anyway, I would recommend that you just put the money to one side until the money is actually due. The last thing you want is to experience a payment problem so early in your mortgage.

hth!