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Monthly Mortgage Payment?
tilly78_2
Posts: 90 Forumite
Hi
I am completing on my sale and purchase this Friday. I am closing one mortgage with Santander and getting a new one with nationwide. I normally make my monthly mortgage payment on 2nd of the month, would I make a final payment to Santander on 2nd July or will this be included in the final balance which has been issued and paid of due to sale?
I hope this makes sense?
Thanks
I am completing on my sale and purchase this Friday. I am closing one mortgage with Santander and getting a new one with nationwide. I normally make my monthly mortgage payment on 2nd of the month, would I make a final payment to Santander on 2nd July or will this be included in the final balance which has been issued and paid of due to sale?
I hope this makes sense?
Thanks
0
Comments
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No it will not be included in the finla balance, the payment will be taken as usual on 2nd, but should be returned quite quickly.
DO NOT CANCEL your ddr, until you have confirmation the new mortgage has completed, in case it all falls through, you then stand the risk of making a late payment on your mortgage causing subsequent credit score issues later.I am a mortgage adviser.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.0 -
Have you exchanged contracts on the purchase, ready for completion on Friday?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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Yes exchanged on last Thursday0
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It is alsways a good idea to have some cash flow funds when changing mortgages/buying houses in case there are mutiple payments and extra due to timing.
even borroing a bit more if LTV salary multiple allow for safety, can always overpay(If allowed)once the transactions are complete and steady state.0
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