mortgage payments

lkmc01

Hi

We are to sign at the solictors for our first house tomorrow. The mortgage is with nationwide. We are not moving in until 23rd August. Our monthly payments are £341.44 and we decided on paying each month on 28th. (This is as our rent payments come (came) out on 28th so it makes it easier.) Partner gets paid weekly so this doesn't really influence things. The interest charged in the month of advance is £226.57.

I asked the mortgage advisor at nationwide about when we would make our first payment and how much it would be but as we did not have a moving date he could not tell us any details but said that we would get info sent out a couple of weeks after signing for house. Thing is I am impatient and cant wait for details.

Does anyone know with the details above what and when we would make our payments, in particular our first payment? The mortgage offer sent through does not include any details about our decision to pay on the 28th of the month.

Thrugelmir

If you've opted for the 28th of the month , that's the date it will taken.

Direct debits take at least 10 days to set up. So your initial payment may well cover a period longer than a month. All depends when the funds are drawn down and completion takes place.

lkmc01

So do you think my first payment will be 28th aug or 28th sep? If completion is when you sign the papers at the solicitors then its tomorrow, if its when you move in its 23rd Aug.

Thrugelmir

Mid/Late August completion = September payment.

lkmc01

Thanks Thrugelmir. Do you have any idea what the first payment will be?

Thrugelmir

As a rough guide £341 plus interest on the number of days in the previous month at £8 per day.

So 23rd August completion , £341 + £72 (£8*9 days) = £413.

Don't hold me to this.

lkmc01

thanks. will my mortgage month run from 1st of month, 23rd of month or 28th of month? I'm used to the regular saver terms of conditions.

lkmc01

Also what date am I best paying in the month? do I not pay for the interest, the month I've just and a month in advance?

HELP, I'm confused.

I know interest is calculated daily. Dont know the influence this has though

roonaldo

You need to look at your mortgage offer, it has information on when the first payment is due and how much.

lkmc01

My mortgage offer tells me how much the monthly payments are, but not the first one or when they are due