When will my first mortgage payment be?

mysk_girl

PS very cool that you are so focussed on getting it paid off! Took me about 6 years to 'get' overpayments, and I kick myself every time I realise how much of an opportunity I missed :-(

lkmc01

mysk_girl wrote: »

To be perfectly honest, I would let the first payment go as planned to avoid confusing their systems. You can manually pay on the 1st using Internet banking for this month and then call them to change it to the 1st for the following months regular payment. Also, I'm not sure they will accept debit card in branch, but could you do it cash?

Ok then change of plan, I will let the first payment go through on 28th of this month and pay in oct on the 1st of the month over internet banking. I will then ring then up after 1st oct to change my date for nov and onwards to 1st.

Thank for to everyone who has helped me with this issue :beer:

lkmc01

mysk_girl wrote: »

PS very cool that you are so focussed on getting it paid off! Took me about 6 years to 'get' overpayments, and I kick myself every time I realise how much of an opportunity I missed :-(

I would like to do overpayments (I imagine everyone would) but when I owe my 6 year old son 2.5k from using his money towards desposit and a grand on a graduate overdraft to pay off and no job its a bit hard.

Oh, and a partner with expensive taste doesnt help!!!

Joe_Bloggs

Thanks, but the house price was 85k of which I have put down 25%, so my loan is 63750. Is my daily interest charge therefore

£63750 x 0.0414 = 2639.25
2639.25 / 365 = £7.23

Correct
I get the drift of your argument you want to pay on the 28th and again on the first. You could have kept things as they are, if they suit you, and made a one off overpayment on before on after the 28th.

Today I am going to go into Nationwide and cancel my mortgage payment due out on 28th Sep and pay it today instead with my natwest bank card. I am then going to set my mortgage payments to come out on the 1st of the month. Will Nationwide let me do all this today in branch?

If you have a direct debit in the process of being set up then there is a possibility of initial confusion between the parties involved. I am sure it can all be sorted out.
J_B.

Just seen the above replies. A slow typist.

pinkteapot

Sorry, I was answering the original poster.

lkmc01

thanks everyone for your help. Oh course if I can pay on 28th every month and it doesnt cost anymore in interest then I could have my mortgage payment in at 3% instant access over the month. My way of thinking came from the confusion over dates to put money into regular savers, but of course interest cost to me now with a mortgage instead of getting interest from the build up of the deposit.

mysk_girl

Glad you got it sorted! The other way to think is that once nationwide have it on the 1st it can't get spent on shoes and pretty things during the month... (based on my household, substitute your own particular weaknesses there...)

tyler80

It does vary by lender, for anyone else reading and coming across this thread.

Natwest asked me what date we wanted our mortgage payment to be taken. We completed on the 12th and first mortgage payment for the regular amount was taken on the 27th.

Joe_Bloggs

@mysk_girl
Not everyone gets paid on the first. If they did then there would be a yoyo feel to prices. I get paid a week before the first so I can pick up bargains from desperate retailers who are hanging on for the 1st of the month splurge of activity.
J_B.

mysk_girl

Joe_Bloggs wrote: »

@mysk_girl
Not everyone gets paid on the first. If they did then there would be a yoyo feel to prices. I get paid a week before the first so I can pick up bargains from desperate retailers who are hanging on for the 1st of the month splurge of activity.
J_B.

I know, but the poster specifically mentioned paying on the 1st, so I assumed it would be appropriate for them to use this date.

And I only answered this thread because I have a nationwide mortgage myself and have been through the payment date / interest / overpayment thing with them before.

I am undisciplined with money personally, I admire you if you can let the money sit around for a week - I would always spend it, I was merely highlightig another (possible, if it suited you to view it so) advantage to handing over the filthy lucre ASAP!