When will my first mortgage payment be?

Daniel_gecko

I complete on 23rd with Nationwide.

My broker can't tell me for some reason.

Would it be on the 1st of the next month (October) even though it would only be a week away? Or would it be the 1st of the month after (November)? Or somewhere else?

Thrugelmir

Will be 1st November if you complete on the 23rd.

Evilm

Most companies say in the mortgage offer that they will write to confirm within 14 days of completion. For reference we completed on the 3rd August with Nationwide and our first payment was taken on the 1st September.

[Deleted User]

Hi,

just make sure you have enough in to cover it, whenever, you don't want to default on your first payment.

Daniel_gecko

[Deleted User] wrote:

Hi,

just make sure you have enough in to cover it, whenever, you don't want to default on your first payment.

:rotfl:
that wouldn't be good!


Yeah a friend told me something like they always pick the 1st of the month.. and they cannot charge you within 21 days of completion. (But they will charge you interest for the time you had the money). Does that sound accurate?

Thrugelmir

Daniel_gecko wrote: »

Yeah a friend told me something like they always pick the 1st of the month.. and they cannot charge you within 21 days of completion. (But they will charge you interest for the time you had the money). Does that sound accurate?

After allowing time to complete the mortgage paperwork once notified by your solicitor. The lender is then required under BACS regulations to give you 10 days notice of taking a direct debit.

Hence why the initial delay.

Yorkie1

As others have said, the intial amount will be larger than the usual monthly payment as it covers a longer period.

NW do allow you to select the date of the month which the DD goes out on, if the 1st isn't convenient.

lkmc01

But is it best to go with the 1st or any date?

Joe_Bloggs

I had Nationwide switch my mortgage payment date so it is the day after when I get paid. Thus I minimise the amount of time that the money is in my Flex account earning zero interest.

The online mortgage feature is excellent if not initially disturbing for those not used to large numbers. The total increases every day and then falls when a payment is made.
J_B.

lkmc01

what online mortgage feature?

Joe_Bloggs

This one.
J_B.