When will the payment be?

tinofpeas

We completed on our new property on the 9th July, and I still have not made a mortgage payment!!

I've checked the paperwork and all I can find is that we set the payment date to the 18th........should we be prepared for a double payment in August?

The mortgage company is shut other wise I would ring them!

TIA

opinions4u

Different lenders have different ways of doing things.

tinofpeas

My lender is nat west?

Dave_Ham

Most mortgages are setup for the 1st and on your first new payment this will be bigger due to initial interest.

I would suspect yours may be a different date given today's date, although only the lender can confirm

They should have written to you also confirming the first payment date and also the exact amount - still they have had their problems...

Jimbo1976

Prepare yourself for a double payment as you will be charged your normal mortgage payment and any interest between 9th July and when they finally take the payment.

It's called initial interest, sadly it's a bad surprise for quite a few unsuspecting borrowers.

AwesomeMcTawesome

I completed 20th July and got a statement from my mortgage provider stating the first payment to be 1 Sep (normal payment plus interest 20-31 Jul).

reset1

I am also with Natwest. After I completed they send me a letter to state how much they will be taking and when. I completed on July 19 and they took the first payment on August 1st. It was just a normal payment (not bigger) and did not double or have extra interest.

tinofpeas

Thanks for the info guys, I rung nat west today and they confirmed that my first payment will be taken on the 18th August and for what will be the normal amount of £550