first mortgage payment

doctorseuss

Hi there,

Having recently bought a house everything I've read prepared me for a higher-than-usual first mortgage payment a month or more after completion.

We completed about a week and a half ago and the mortgage company seems to have taken an amount smaller than one monthly payment from our account today. Today isn't the date we arranged to pay on, either.

I'm away from home at the moment so it's not easy to contact the mortgage company so I just wondered if anyone here had some experience of this. The amount doesn't really correspond to anything meaningful - it seems to be about 78% of the agreed monthly amount. We completed with about 68% of the month left to run. The date we expect to pay on is the 16th.

Any theories? My concern is this isn't a payment at all but some spurious charge that I haven't been made aware of...

:rudolf:

L-train

We bought a house recently and a similar thing happened. We completed on 19th November, they took a small payment on 4th December, and our usual payments begin on 25th December. Our mortgage lender is Leeds Building Society. They did write to us ahead of time to tell us how much the payments would be and when they would be taken. Maybe your lender sent a letter but it's stuck in the backlog of post?

Doozergirl

It will be a mortgage payment. Your usual payment will leave on the usual date next month. They've taken payment now because there's a long time left to run before your usual payment date and it's due in advance. It's when the moving date and payment date are close together that you'll find one larger payment.

Interest is payable from the date that the funds are drawn down, so if your solicitor drew down with a couple of days to spare 'just in case' or your anticipated completion date was delayed, it will be slightly more than you might expect.

firstaspect

This is quite normal. I'd have expected you to receive written confirmation of your regular mortgage payments and also this one off smaller payment.