What is the best time of the month to move?

Robert_Sterling

If you are a first time buyer I think you might have to pay more than the monthly amount of the mortgage in the first month of your occupancy.
I am not clear why this is the case.
I have been told that if you are redeeming a mortgage and stating a new one with the same lender then there is not any time in the month which is better than any other time of the month to start your new mortgage.
Is this the case and if it is what is the reason for it applying to first time buyers but not to existing borrowers?

payless

I most cases its down to cashflow .. as most lenders charge interest on a daily basis, but collect monthly in advance

for remortgages, any initial interest is reflected in a corresponding element on old mortgage redemption statement

Robert_Sterling

payless wrote:

for remortgages, any initial interest is reflected in a corresponding element on old mortgage redemption statement

The remortgage under consideration trebles the amount owed to the lender.

payless

well then the advance payment will be a cashflow issue

Robert_Sterling

OK. Thank you.