FTB- When do mortgage repayments start?

mrcol1000

Hope this doesn't sound like a stupid question but when do you start paying your mortgage? We complete the sale this week and I agreeded to 1st of the month for repayments to come out. Mortgage was agreeded and sorted a few weeks ago. So would they start taking repayments now or would it be next month? I have tried to ask my bank this and they seem very hazy and just telling me no matter when I start repayments will be charged interest from the second solictors get the money.

N79

Immediately - so you will have a payment taken at the start of August. This will be larger than normal because it will be the August payment plus the part of July during which you had the money.

mynameisdave

Possible that they may break it down into two payments.

I completed on the 20th of the month and had to pay an interim payment to get to the first rather than paying it all on the 1st.

Either way you will be paying from August onwards and they will, in one way or another, bill you pro-rata for the period of July from completion to 31st.

mrcol1000

Thanks that what I thought. With rent for current property as well just as well had some money put away for rainy days like this.