Mortgage dummy

lease_man

Very silly question... if we are completing on our new flat on october 20 when does the first mortgage payment usually come out, mortgage lender is northern rock. is it straight away or does it come out 28 days later?

PoorDave

Ours came out on the day we told them to take it when we applied for mortgage. Maybe you don't always get a choice...

First payment is usually bigger, so beware. They tend to take the bit between completion day and your payment date plus one months normal payment the first time they take anything, in my experience.

And it's not really a silly question!

densol_2

Northern Rock is paid in advance. I am completing on 27th October ( with NR ) so this is how I understand it. You will be required to pay by cheque or debit card the difference between the 20th October to the end of the month - so roughly a third of a payment.

Then on the 7th of November they take out the first months usual payment by DD and then from the 1st December and thereafter on the first of the month the usual payment by DD.

Hope this helps. It does require a little bit of extra funds though