When is the first mortgage payment taken?

KareenaMukherjee

Is it taken out straight away, or is it usually taken out a month later? I haven't recieved any notice about this. Will they write to me?

kingstreet

When did you complete?

Yes, they will write to you to confirm the first payment amount and date and the dates of future regular payments.

Banks take payments in arrears, so you could find your first payment isn't until a month after completion and it may be for just one month's payment.

If it's a building society or a former building society, they normally collect in advance. Your first payment will normally be accrued interest from the date of completion upto the month end, plus another month on top of that debited around halfway through the first month.

Evilm

Our offer says they will contact us to let us know about 14 days after completion and they will be taking the first months interest on top of the usual payment.

It should say in your mortgage offer when you should expect to hear from them.