Completion date to decide

sem1604_2

Hi, sorry if this has been asked and answered a stack of times but here goes. I have taken the 5yr Fixed rate of 5.34 mortgage with the nationwide, we are at the bottom of the chain with nothing to sell (rented off council). The top of the chain have asked for a 1st June 2007 completion date (due to their mortgage ties). I have been advised by the Nationwide mortgage advisor that completing on this day would mean that i miss the cut off for a June payment and would have a double payment to make on the 28 July (28th of month specified by me for direct debit), and to alleviate paying a large first payment i could pay over the counter for June in advance. does this sound right or will i end up paying a large amount immediately after completion. Any advice would be of help as i'm very confused about completion dates (choosing the best time of the month) and first payment amounts.

thanks
steven

Dani85

What I would do, is the payment that you would have paid 28 June 2007 (I am just guessing is this correct?) Put to one side as if you were going to pay it, then on the 28 July 2007, pay your double. That way you have accounted your money for the mortgage for the June month so you dont "accidently" spend it which a lot of us would and you wont be left short for your double payment.

This will also make sure that you dont have a large payment to pay on completion!!

BeerBelly

Nationwide will take out on the 1st of the month (unless you instruct otherwise)

You will only have to pay an extra 2 days on top of your monthly payment if that is the case.

The 1st payment can come out on 1st of month, but any day up to the first 14 days for the 1st one.

Cant see you paying double myself.