Mortgage first payment

tom26_2

Hi i am nearly on completion of buying my house just after a bit of advice.
My mortgage is 5.89% and the first payment is £1358.41 followed by the normal payment of £731.14.
Does this seem correct?
Thankyou
Tom

TDPIX

Is the first payment a few days after (what will be) your regular payment day?

cats2012

We had this - normal payment £550 but first one £650.

It's because the first payment is taken a while after completion (3 weeks in our case) so it's interest for that time.

thomasdown

Hello there,

Yes sounds correct to me. What happens is if you have suggested a date for the payment to come out on and there is nearly 2 months til that payment, what the mortgage company will do is work out what your 1st payment will be? Sounds like to me in your case there is nearly 2 months until they take the 1st payment is that correct? We completed on the 29th November last year and we asked for payment on the 1st of every month so January 1st. So they said 1st December - 1st January is normal payment and an additional 2 days I believe for the 29th November and 30th November so our 1st payment was an extra £70 I think on top of normal payment? If you get me?

Hope this helps

tom26_2

Thanks for the advice just making sure it was correct,we havent actually got our completion date yet.