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1st payment on new mortgage
vegasvisitor
Posts: 2,295 Forumite
Anyone know how this works? We might be taking a mortgage with First Direct (once we find a property!). I know you can choose the date your mortgage is due, and I suppose if I choose the 5th of the month say and we move on the 1st, what and when would we pay? Does the interest only become due at the end of the month etc? I'm wondering if you have to pay a month upfront. I remember in the days of endowments (my first mortgage), I'm sure I paid the endowment upfront, then the interest after about a month.
Just wondering, so I can work out some expected costs for the outset period!
Many thanks in advance.
Just wondering, so I can work out some expected costs for the outset period!
Many thanks in advance.
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Comments
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I took out a first direct mortgage in July and my first payment was not for 6 weeks and it was the usual months payment and no more. This made the first month payment free and was so handy because we had things to buy. First direct mortgage service was so good, I can not fault it personally, give them a call and they will answer your questions to be certain.Food and Smellies Shop target £50 pw - managed average of £49 per week in 2013 down to £38.90 per week in 20160
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I have a mortgage with nationwide. And we moved in around the 17th July and our first mortgage payment was due the 6th August. We had to pay our usual mortgage payment plus interest for the time wed been living there... so worth checking...0
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we bought february the 15th and the letter from santander came to tell us the first payment is on1 april but the first payment is for 1 and half month..
instead of getting payment for 15 days they have had to get a 45 day payment since i wanted to pay on the first
they should let you know , but be assured they wont forget to collect
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We completed on 10th, pay mortgage on the 1st, so they simply took the 1st month + the extra 20 days on the first 1st 0
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Will soon be starting my mortgage with Halifax. Looks like I will move in around the 23rd April. We are having our mortgage go out of our account on the 28th of the month.
1st Payment for me will come 14 days after we move in (full + extra for interest). Then my next payment will be on the 28th June.0 -
Thanks all. Looks like it can vary, so I would ask to be sure!0
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