FTB - General help and advice

Mr._OCaz

As you may have seen in my other post on this board I am nearing completion on my first property, been quite stressful so far :mad: - normally quite laid back and chilled but my sleep is been affected but has improved past week or so (Put the violins away;) ) as once the seller's solicitor returns some documentation will be arranging a completion date for next couple of weeks me and girlfriend are very excited have everything we need for the house etc. Anyway...just wondering if people could answer a few questions I have...

My mortgage payment is due the 1st of every month, now if i move in on say the 14th July will i have to pay effectively a 6 week mortgage payment on the 1st August? How will this be calculated as got paid today and obviously setting aside cash accordingly.

As i have never lived on my own as such not sure about informing utility people or finding out who supplies me, making sure i am not charged for when i wasn't in the property. Informing the council for council tax etc?

JennyW_2

ooh, this topic was raised recently and if I remember rightly, your mortgage payment on the first will probably happen as usual and then the mortgage company will reimburse you the difference of your new mortgage payment (or something like that). I'm going to inform my solicitor when we're due to complete and take his advice - or perhaps he'll raise it with them.

re your utilities. Inform all the suppliers (and the council) the day you move in. I've never had any problems and have only ever been charged for gas/elec usage from the day I've moved in. The council too will work out your tax pro-rata for the remainder of the year and send you a bill.

Re the suppler's details. Did you not get this information from the solicitor? I had to provide suppliers and account numbers for water, elec and gas. If not, get your solicitor to get the info for you (or your EA).

Mr._OCaz

Oh i thought i would have to pay more? They would reimburse me?

I thought i would have have to pay for (in my example) - approx 2 weeks, plus my normal mortgage payment as agreed

JennyW_2

well I suppose it all depends on the difference between the two mortgage payments, for example will this mortgage be less on your new property? Probably best to have a word with your solicitor.

Cara79

Hi there

As I understand it, you should have it detailed as to how much they will take from you from your mortgage company. However, I believe on 1st August, they will take a full month's mortgage payment, plus the two extra weeks from 14th July. So that will be a biggie that month.

This should all be confirmed from your mortgage company, at least I know mine was detailed in a letter from them. To be on the safe side, I would say you need to set aside, one full month's payment, plus half of a full months payment. If that makes sense.

I think the reimbursement only comes if you're selling a house, i.e. paying for that mortgage also. But you are first time buyers, so do not believe this is applicable. Apols if I'm wrong.

C:rolleyes:

klaatu

Yes, your first payment will be higher and include the interest for the period from when the mortgage started to the payment date.

Regarding the council tax, phone the council when you move in and tell them the date you moved in. Take all meter readings as soon as possible, and contact the utility companies to give them your details together with the readings. Assuming the previous people have informed the utilities that they are moving out, the companies should be writing to you anyway.

Steve

ginger_nuts

My present mortgage started on 6th May last year .The first payment was interest only and was taken about the 20th May .the normal payment was taken on the 1st June . It depends on the lender ,I once had a mortgage with A&L and they didnt take any payment in the first month . Best to ask the lender what they do .