We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage payment's query
liamwilliams
Posts: 31 Forumite
Hi All,
I have bought my first house and will be completing on the 17th June, the mortgage is with HSBC, i am not sure when my first payment will be due for the mortgage, will it be in July or August? I have asked for it to be paid on the 1st of each month, the mortgage center gave me a letter stating i will receive details of payments after i move in, but does anyone have any idea when my first payment should be?
Maybe a silly question but someone might have an idea, don't really care if it's July but would be great if it was August :cool:
I have bought my first house and will be completing on the 17th June, the mortgage is with HSBC, i am not sure when my first payment will be due for the mortgage, will it be in July or August? I have asked for it to be paid on the 1st of each month, the mortgage center gave me a letter stating i will receive details of payments after i move in, but does anyone have any idea when my first payment should be?
Maybe a silly question but someone might have an idea, don't really care if it's July but would be great if it was August :cool:
0
Comments
-
Banks normally charge in arrears, so completion on 17 June should mean first payment on 17 July. However, I don't know what HSBC do. They may start on 1 August and charge you a month and a half.
You'll have to wait for their confirmation letter, or phone them.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It appears from this, you will pay interest from 17 June to 30 June and a whole months payment from 1 July to 31 July on 1 August.
https://forums.moneysavingexpert.com/discussion/2566039I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks for your prompt reply, so if it comes out on 1st August, I'll have two payments effectively, the interest for 17th June till 30th June then the full Payment for July.0
-
liamwilliams wrote: »Thanks for your prompt reply, so if it comes out on 1st August, I'll have two payments effectively, the interest for 17th June till 30th June then the full Payment for July.
Yes. It certainly looks that way.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Yes Liam, you will pay the accrued interest until the end of month then the full month of July. The payment will be in August.
The reason for this is that the Bank has to allow 28 full days to take the first payment.
E.g. If you completed on the 1st june, your first payment would be 1st July. But due to completing on the 17th, obviously there are only 14 days until the 1st July so it will be on your next payment date.
- We got the same deal, as we have found out, and I asked this of my MM only this morning.0 -
Thanks Stavros, how is your Mortgage side of things going?0
-
not bad. valuation complete now waiting on survey but all will be fine im sure. Gonna pay deposit in a couple of weeks but not going to complete until we get back from NY in mid July.
Out of curiosity...which area of wales you in? im a llanelli boy in yorkshire0 -
It's worth noting, for anyone else reading this, if you are taking out a mortgage with a building society, or former building society, your payments are normally made in advance.
If your new mortgage is with Halifax for instance, you could find you pay interest from 17 June to 30 June and a full month's payment for 1 July to 31 July but these payments will be taken together on 1 July, not on 1 August as in the case of HSBC.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
stavros1981 wrote: »
Out of curiosity...which area of wales you in? im a llanelli boy in yorkshire
I'm from Bridgend,village called Kenfig Hill. How come your in NY, work or Pleasure?0 -
still in Yorkshire but off on Hols to NY in early july. went to Uni there.
And now...im almost a home owner.. scary stuff!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards