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when best to complete a mortgage
carl_t
Posts: 24 Forumite
hi all
to avoid the broken interest that the banks charge on your first payment, if I plan say to pay my mortgage on the first of each month, is it best to complete the mortgage at the end of the month ?
to avoid the broken interest that the banks charge on your first payment, if I plan say to pay my mortgage on the first of each month, is it best to complete the mortgage at the end of the month ?
0
Comments
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Yes, completing towards the end of the month will reduce the number of days interest you'll pay. I'm completing on 27th March so I'll pay 5 days interest, plus my normal monthly payment on 10th April give or take a few days. Reason being is that it take 14 days for the DD to be set up from when the lender requests it.0
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Completion is set when all parties (in the chain) agree to a given date. So not always possible to be precise at the outset.0
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Depends on lender, as most have their own procedures for debiting initial payment. Best to have up to 2 months mortgage payment available to cover all eventualities.0
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