Nationwide first payment

gazareth

Hi

Am trying to get some clarity on this and it would be useful to hear experiences from people who have recently completed with Nationwide, particularly if they completed at month-end!

We are due to complete on the 31st, with our solicitors drawing down the funds on the 30th. Our mortgage offer states that our first payment will be taken on the first day of the month following completion, which suggests the first payment will be taken on the 1st November.

Our broker was unable to confirm when NW would take the first payment, or how much it will be, so I called NW and the guy on the phone suggested it would be taken around 4 weeks after completion (i.e. end November) and that they would write to us around 2 weeks after completion to confirm dates and amounts.

Neither way is a problem, but they are in contradiction of each other and it would be really useful for our cashflow to know one way or the other.

What experiences have people had with Nationwide in this regard recently?

Mcduell

I am in the same boat bt it wont be the 1st november as it wont be for at least 2 weeks after completion as they have to write to you with the final mortgage details and when payment will come out. We are due to complete in a few weeks and I doubt we will need to pay anything till end of november. Hope that helps good luck x

Thrugelmir

Will be the 1st December.

As there's insufficent time to set-up a Direct Debit in time. Lenders are required to give you 10 days notice of the amount they intend collecting.

guesswho2000

From what I remember they let you pick the day the payment goes out from a few options; mine is 1st of each month, I completed mid month and it was 1st of the following they took the payment, however as others say, they need to give you advance notification of the first payment (part of the Direct Debit thing), so it'll be 1st Dec when your first payment goes out. Expect it to be a big payment though, full extra month of interest on top of your first payment.

anotherginger

I completed on 22nd August, and set up a payment date with Nationwide for the 1st of the month.

My first payment was taken on 13th September (slightly higher than monthly amount), followed by my normal payment on 1st October.

They will send you a letter, or you can just ring them up to ask.

gazareth

Slightly contradictory opinions here too! Could make one payment in November and then one in December as normal, could just make one in December. Hmm...

Windlepoons

I’m not looking forward to my first payment, everything seems to be coming up at the same time.

Septembers pay had car insurance, and all the fees/stamp duty to pay

I am pretty sure that Octobers pay is already spoken for with car service at the end of the month, car tax at the end of the month and the first mortgage payment at the start of November (haven’t heard from them yet regarding this, but i am expecting it to be about 1400).

Am actually looking forward to december when things should be returning to normal.

I completed ont he 28th of September so pretty sure I will be paying Octobers interest and novembers payment on top.

jaycube

How much time the companies will take to pay the claim.

mungobella

My experience was similar to anotherginger--we completed with Nationwide on 28 August, had a large payment on 18 September, then resumed with regular payments on 1 October. We were porting our old mortgage, so perhaps that affected things (already had direct debit set up, for instance), but I honestly wouldn't count on knowing how much/when they're going to take until you receive notice after completion. We were pretty surprised by the large payment in September, but luckily we had the money there to deal with it. Good luck!

LauraWxx

I completed on the 28th of Aug and opted for Mortgage payments to be taken on the 1st.

1st of september the payment was taken for the monthly amount and a bit more (to cover teh 28th, 29th, 30th and 31st.

I too had contradicting answers!

Windlepoons

Just phoned Nationwide to ask.

My first payment will be £882 on the 18th of this month, then the next payment will be my normal payment of £791 on the 5th of November.