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First payment
Comments
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Some of these systems get a bit clouded by mergers and takeovers. I'm not sure if Lloyds follows the clearing bank example and collects in arrears, or if it uses the C&G system, which being a former building society involved collection in advance. Same goes for Barclays and Woolwich.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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Thanks for your replies everyone, when should I expect a letter from them with the details on? It seems I will have to wait for that to be sure when/how much the payment will be.0
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Normally, around a week after completion.
Please come back to the thread and tell us the outcome. I'm curious.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 -
kingstreet wrote: »...
or
- accrued interest from 5th to 30th debited with first month's normal payment on 1st December.
As a building society, Nationwide collects payments in advance.
Clearing banks, like NatWest, HSBC etc collect in arrears, so the first regular payment would be a month later.
This is how both my mortgages from Nationwide have operated as regards the first payment.0
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