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Mortgage Approved -
bigmc1_9
Posts: 45 Forumite
Hi
Myself and my fiancee have had our joint mortgage application approved by natwest :T. We are still in discussing a move in date however it appears that the 23rd March will be the date we move in. We wanted a slightlty later date due to other cirucumstances. My questions is if we move in on the 23rd, When is our first mortgage payment likely to be took out the bank and will this be for 1 month or do you pay 2 months in your first payment?
Thanks:beer:
Myself and my fiancee have had our joint mortgage application approved by natwest :T. We are still in discussing a move in date however it appears that the 23rd March will be the date we move in. We wanted a slightlty later date due to other cirucumstances. My questions is if we move in on the 23rd, When is our first mortgage payment likely to be took out the bank and will this be for 1 month or do you pay 2 months in your first payment?
Thanks:beer:
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Comments
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have you rung them and asked?0
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Im at work, not got the stuff and time i finish and get home it will be too late to ring, so thought i would see if any1 had a rough idea on here.0
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Your first payment to your new lender depends on what type of lender it is. Typically, banks charge in arrears, building societies and former building societies charge in advance. I'm not sure if NatWest follows the pattern TBH.
In the worst case scenario, you might have to pay a week's interest, plus a full month's payment around two weeks after completion, for the month of April, with your first regular monthly payment on 1st May if the 1st is the payment date.
Your new mortgage payments will be notified to you just after completion.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Your first payment to your new lender depends on what type of lender it is. Typically, banks charge in arrears, building societies and former building societies charge in advance. I'm not sure if NatWest follows the pattern TBH.
In the worst case scenario, you might have to pay a week's interest, plus a full month's payment around two weeks after completion, for the month of April, with your first regular monthly payment on 1st May if the 1st is the payment date.
Your new mortgage payments will be notified to you just after completion.
Ok thanks, I also thought we we would have a mid month payment then on to regular payments on the 1st of May as we agreed that the 1st should be our prefered payment date! :j0 -
Be prepared for the worst and be pleasantly surprised if the other thing happens.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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