The first mortgage Re-payment.

knosher

Hi i wonder of any of you can help for peace of mind only.

I am currently awaiting my mortgage offer which should complete this week.
I had to get an adverse credit mortgage due to a poor credit score, this was carried out through an independant financial advisor and the mortgage is now being obtained with First National, Part of Ge money.
The full mortgage amount is 127,500
The interest rate is 6.74 percent over 30 years. (2 year fixed)
Monthly repayments of 816 pound.

What i would like to know and maybe get a few differnt scenarios for is say for example i moved in (completed) on the 9th of febuary when would my first mortgage repayment be, and how much will it be. I could do with examples for both Advance and arrear types of mortgage.
I just need to obtain this information in order to efficiently budget for our moving in costs and obviously i do not have the mortgage offer as yet so dont know this information yet, im just attempting to get a little hindsight on the matter.

Thanks

arkie

Normally your first payment will come out in march and the payment normally is higher than a monthly payment as your lender will want your mortgage payment to be in advance,

iam a mortgage adviser

knosher

how much higher?

Robert_Sterling

knosher wrote:

If the interest rate actually is 6.74% then when you make your monthly payment then most of it will be interest and about £100 will be repayment of capital.

Get the information you require from the lender.

You seem to be paying a very high price for having a bad credit record.

knosher

thanks but that doesnt really answer my question

arkie

normally states this on your offer...
in section6 'What will you need to pay each month'
its will say
an initial payment of £xxxxx
followed by 23 Fixed payments of £xxxx
and for the rest of the term £xxxx at a variable rate

hope this helps

arkie

normally states this on your offer...
in section6 'What will you need to pay each month'
its will say
an initial payment of £xxxxx
followed by 23 Fixed payments of £xxxx
and for the rest of the term £xxxx at a variable rate

hope this helps

Madjock

i can't recall off the top of my head, so I'll consult my little pink book at work tomorrow and let you know when 1st national take the 1st payment. any additional amount due will be initial interest which is payable from the date your solicitor gets the money to then edn of that month.
the rate seems ok to me for an adverse mortgage, ive seen higher.

knosher

thanks, any luck??

ossie1_2

Difficult to comment on the product offerring, without having more details of your position regarding the adverse credit. Poor credit score doesn't always mean adverse credit. However, First Nationals' deals in general aren't bad but others may be better depending on circumstances. If you are not sure, get a full copy of your credit report and see a different advisor for advice to compare. They can scan the market themselves and even if they don't have the knowledge they may use a good mortgage packager who will have specialist knowledge of this area of the market and help them.

knosher

:beer: :beer: :beer: :eek: again that doesnt answer my question, maybe you lot should read the question before answering jkhgjujkhiop
:money: :money: :money: :money: :money: :money:



:T