1st Mortgage Payment

scotty_lawrie

Hey guys,

Quick question. and i know every bank will be different , but typically, how long after your date of entry does your first mortgage payment come off?

Moving in May 28th so just wanting to get a rough idea of how long after ill need to pay first payment .

Rgds

Scott

VortexSteve

What day did you request payment is taken?

When I set up my mortgage I went for the 1st of each month.

beecher2

I've always had an interim payment a couple of weeks after I've moved in, followed by a full payment on the 1st of the month.

scotty_lawrie

I move in 28th may and asked for payments to come of 26th of the month so would assume i wouldnt pay until 26th June ?

maybe im wrong tho.

scotty_lawrie

anyone else had any experience of this ? Will i have to pay anything in advance, or upfront?

1399steve

I moved in on Aug 1st and didn't pay my first mortgage payment til Sept 1st - I had requested payments to come out on 1st of each month. That was HSBC - not sure if it's the same for all banks - why not just call the bank tomorrow and ask them?

dunstonh

I move in 28th may and asked for payments to come of 26th of the month so would assume i wouldnt pay until 26th June ?

Depends on the lender and how they handle interim payments.

You could find the first payment on 26th June is almost double the normal. Or you may find you pay an initial payment about 15 days after you move in but then 26th thereafter.

What does your mortgage adviser say when you ask them?
One assumes you are aware of interim interest which will see a much higher first payment or an early interim payment?

scotty_lawrie

1399steve wrote: »

I moved in on Aug 1st and didn't pay my first mortgage payment til Sept 1st - I had requested payments to come out on 1st of each month. That was HSBC - not sure if it's the same for all banks - why not just call the bank tomorrow and ask them?

Thanks mate. So you didnt have to pay anything inbetween ? Or no increased first payment? Just the one normal payment the month after? Im gonna call the bank tomoro, just wanted to get some advice now. Patients is a virtue i dont posess lol ! i think i should be ok, cos my 1st payment will be less than a month (2 days less) after i move in and complete.

1399steve

Pretty sure it was just the normal monthly payment although it was a while ago now

property.advert

I once had a mortgage with Northern Rock and they tried to con me into paying a mortgage payment only a day or so after they paid out the mortgage funds. They tried to bamboozle me and thought I would be beholding to them but I very nearly cancelled the whole thing (they tried it on a day or so before sending the money). I pointed out that I could hardly owe them a month's repayment (interest only) on day one when it was accruing interest daily. They backed down.