Nationwide - When will my first payment be deducted...

rasakukoo

I received my mortgage offer. My completion date is 4th Mar'13 but, the Nationwide mortgage offer letter stated:

These payments are based on a mortgage of £xxxxxx and assume that the mortgage will start on 1st March 2013 and include the fees........

an initial payment including interest charged in the month of advance and the first month's payment at the fixed rate of 3.49% = £1,159.50
followed by......... £687.08 (35 payments) etc

I am confused now. Is the above statement means my first payment of £1159.50 will be deducted from my account on 4th March'13 or 4th April 2013???

I am just wondering as I am already out of budget and if Nationwide deduct 1st Payment on 4th March then, it will be very difficult for me to manage whole month..

Thrugelmir

4th April.

The NW have to give you a minimum of 10 days notice of the amount to be collected.

rasakukoo

Many thanks for ...:T

lee111s

My completion date is going to be 28th March, I've been told by YBS that my first payment will be 14 days after thatm somewhere around the 10th of April. Not sure if that helps any!