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Mortgage payments and completion dates

Our mortgage comes out on the 1st of the month. If we complete on the 14th, will we get any money back for that month or would we be better to try to complete as near to the end of the month as possible?

Thank you :)

Comments

  • This happened to us, we actually completed the day after our mortgage payment came out. I asked if we would get a rebate but they said the extra would just come off the capital of the new mortgage (we ported)
  • steve237
    steve237 Posts: 282 Forumite
    I am going through the conveyancing process at the moment. Selling and purchasing new house. My payments currently go out on the 4th of the month with Abbey. They told me that if I complete, for example, just before the 4th, then it would be 30 days until my new mortgage payment is taken, which effectively means I wouldn't pay my mortgage for up to 60 days.

    I've asked my solicitor to try and complete at the end of the month or before the 4th as a result.

    Not sure if the same goes for all lenders, but that's the case with Abbey/Santander.

    If the same system works with your lender and you complete on the 14th, then your first payment would be 30 days later. If you wanted to make it 14 days after that (on the 1st), then you'd pay 6 weeks mortgage on your first payment.
  • Each lender could be different in this respect so check with your lender.

    A few still calculate the interest monthly so with them if you normally pay at the beginning of the month you don't get any rebate if you complete half way through a month!
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
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