Setting date for completion

Calleja

Hi all,

My solicitor has emailed asking me to call him to discuss dates for exchange and completion. Am I right in thinking that if I pick a date close to the end of the month, my first mortgage payment will be less than if I complete early in the month, due to less interest having been accrued?

My mortgage paperwork states 'your first monthly payment is made up of interest charges from the day we release the loan to the end of the month, plus your first monthly payment'.

Am I also correct in thinking it is date of completion that the loan is released, rather than date of exchange?

Thanks for all your help!

kingstreet

Yes. You are correct.

[Deleted User]

Thanks for posting - this hadn't occurred to me but I will also try and make sure my completion date is near the end of the month!

Calleja

kingstreet wrote: »

Yes. You are correct.

Thanks kingstreet! I've read loads of your posts on this forum during my house-buying saga and you always provide good advice! I was kind of hoping you would pop up at my time of need! Thanks again!

kingstreet

You're welcome.

TBH if you mention "accrued interest" to your solicitor, I'm sure they would have suggested a month-end completion.

However, it's worth pointing out, if you do complete earlier in the month, you get your property earlier and start paying earlier. You don't actually lose anything.

Calleja

kingstreet wrote: »

You're welcome.

TBH if you mention "accrued interest" to your solicitor, I'm sure they would have suggested a month-end completion.

However, it's worth pointing out, if you do complete earlier in the month, you get your property earlier and start paying earlier. You don't actually lose anything.

Yes of course. But you know how it is the first few months, and it means I will push for completion before the month end, rather than early in the next month, then I will feel like I'm saving money, even if I'm not!

Thanks again!