Paying fees, deposit and solicitor for mortgage.

sarah125

My boyfriend and I have all the money we need to pay all costs associated with getting a mortgage but all the money is in a saving accounts so we need to transfer this into a current account (which takes 48 hours) before we can pay it out.
We paid the mortgage fee up front today but just wondering when it is we pay deposit, 1st mortgage payment and solicitor fees?
The move-in date is set as the 1st July.
We have an appointment next week for what I think is to sign title deeds?
Thank you for any advice on this as we are pretty clueless first-time buyers

kingstreet

The solicitor will be expecting you to pay the deposit and the balance of their fees next week when you go in to sign.

The first mortgage payment varies from lender to lender. If it's a former building society like Halifax, you'll probably pay two months payments on 1 August, or maybe one on 15 July and one on 1 August. You pay them in advance.

If it's a bank like HSBC, you pay monthly in arrears, so it'll probably be one payment on 1 August.

The lenders' systems spit out a payment schedule when you complete, so you will get it in writing in advance of the due date.

sarah125

Thanks for that.
Any idea about Bank of Scotland mortgage payments as that's kind of a building society (Halifax) and a bank...?
Have just transferred all money out of savings account now just to be on safe side!
Thanks again :j

kingstreet

sarah125 wrote: »

Thanks for that.
Any idea about Bank of Scotland mortgage payments as that's kind of a building society (Halifax) and a bank...?
Have just transferred all money out of savings account now just to be on safe side!
Thanks again :j

Not sure if it will be one in the middle of the month and one at the beginning of August, or two at the beginning of August. Have the money in the account to cover it either way. They'll let you know as soon as you complete.