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When is the first mortgage payment due

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  • pavlovs_dog
    pavlovs_dog Posts: 10,215 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    we completed and exchanged on 3rd september. on 15th september we paid our first payment, which was the interest calculated on the mortgage from the day it was released to the solicitor (2nd sept) until the day of our first mortgage payment which will be 28th Oct.
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • PurpleJellyFish
    PurpleJellyFish Posts: 544 Forumite
    Part of the Furniture 500 Posts Uniform Washer
    Which lender are you with?

    I completed on 23rd Aug and first payment was on 21st Sep. I was fully expecting to have almost two months to pay in one but that wasn't the case, just the normal monthly payment. When I queried it, Nat West said that they don't pro rata the interest. Probably more beneficial to them than me in the long run though!
  • Littlebutterfly_2
    Littlebutterfly_2 Posts: 46 Forumite
    Cissi wrote: »
    Umm, it's not an "extra" amount - if you complete on the 15th of the month and your mortgage isn't collected until the 5th of the next month, did you think you'd be living for free in those first 3 weeks?

    Er....no I don't think that, but the original poster referred to the first payment having an 'additional payment" and of course, it's not an 'additional' payment but merely a catch - up one.

    Why so snippy?

    Lb
  • HelenDaveKids
    HelenDaveKids Posts: 3,177 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    Chocolate*fish wrote: »
    @HelenDaveKids

    Did you receive the bank notification after exchange?

    C*F


    No before. It came with the valuation of the house and the break down of the morgage offer.
    Morgage till Nov 30 GOAL MFW Sept 2016
    Aug 11 - £100k Aug 2016.... It's GONE!!!!!
    2014 GOAL HIT 5 Stone! 2016 GOAL to be a MF marathon runner.
    "A goal without a plan is just a wish"
  • HelenDaveKids
    HelenDaveKids Posts: 3,177 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    edited 16 October 2010 at 9:29PM
    Littlebutterfly wrote: »
    Hmmm...not heard about this extra amount being payable - do you perhaps mean your product fee?

    Lb

    no, not product fee. Its an interest type payment. i remember paying it last time too. Ours didn't have a product fee, just £99 valuation fee (payable up front).

    We actually get 250 back which i think is a bizarre concept.
    Morgage till Nov 30 GOAL MFW Sept 2016
    Aug 11 - £100k Aug 2016.... It's GONE!!!!!
    2014 GOAL HIT 5 Stone! 2016 GOAL to be a MF marathon runner.
    "A goal without a plan is just a wish"
  • Littlebutterfly_2
    Littlebutterfly_2 Posts: 46 Forumite
    Yes, with some lenders they have that sort of deal - its £500 with Halifax

    lb
  • Made_Without
    Made_Without Posts: 365 Forumite
    HelenDaveKids wrote: »
    No before. It came with the valuation of the house and the break down of the morgage offer.

    I haven't received this - will get on the phone!

    C*F
  • Made_Without
    Made_Without Posts: 365 Forumite
    PurpleJellyFish wrote: »
    Which lender are you with?

    I completed on 23rd Aug and first payment was on 21st Sep. I was fully expecting to have almost two months to pay in one but that wasn't the case, just the normal monthly payment. When I queried it, Nat West said that they don't pro rata the interest. Probably more beneficial to them than me in the long run though!

    First Direct.

    I'm getting slightly worried that I will be all out of money on completion if the the mortgage payment and council tax and utilities all kick in at once (esp. before this months pay day)

    C*F
  • MF2015
    MF2015 Posts: 333 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Don't you have a back-up fund?

    What if you find the boiler goes in the first month, or your car breaks down?
  • Made_Without
    Made_Without Posts: 365 Forumite
    MF2015 wrote: »
    Don't you have a back-up fund?

    What if you find the boiler goes in the first month, or your car breaks down?

    Yes, I have a back-up fund. Trying not to break an ISA if I don't need to.

    C*F
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