Trying to work out first mortgage payment and date with Nationwide

moreofthegoodstuff

We have just moved into a house on a budget and we are trying to find out when our first mortgage payment will be and for roughly how much, nationwide say they don't know and won't know for a little while which is annoying.

From what I read, the mortgage is paid in arrears on the 1st of the month after you have moved in. We moved in on the 23/5 and from what it said online it made it seem like you pay for the interest between the 23rd-31st (it's showing around £15 per day on our online banking so would be £135) and you add that to a normal monthly mortgage payment £550 making £685 to come out on the 1st of July, does this sound about right or am I reading a load of rubbish?!

monty-doggy

Now I am confused too, I asked the same question this morning and was told it gets paid in advance!

moreofthegoodstuff

I read that rent is paid in advance, so before you live there you pay up, but with a mortgage you pay for the month you have lived there after the month is over.

TrickyDicky101

With Nationwide, repayments are made in advance rather than in arrears (a legacy of their building society heritage).

The numbers you quote don't sound outrageous but I would have thought Nationwide would be able to tell you when your first payment is scheduled for.

moreofthegoodstuff

I have just been on to them again and they said the interest started on the 21/5 (which is odd as the completion day was officially the 24/5) and he has quoted me £700...why they couldn't tell me before is beyond me, the following payment will be £550.....Buuuuut they couldn't tell me when I have to pay it!!

Rahhh, if it's after the 21st of June we have another pay day and will be ok but if its before it makes it a tight month!!

moreofthegoodstuff

By the way, I did plan to have money kept back to cover all of this but there was a slight accident during our move with furniture so had to replace some stuff...Not all bad because it looks nice and it isn't due off our credit card until next pay but would like to pay it off! :-D

Simon_gloster

21st is probably the date your mortgage money was sent to the solicitors do technically this is your interest start date.

Meier usually send setters to you telling how much the first payment is and when its taken. Its poor they cant tell you thus simple fact. Just gave a little more than expect toccome out ready, if it's less enjoy a good take away to celebrate your new honehome.