Mortgage start date

dannyp123

I am buying a house, the process is on-going and waiting for exchange. Am wondering when does the mortgage starts. Is it from the moving date or xchange? Please help. Thanks in advnce

Thrugelmir

From the completion date. As that's when your solicitor draws down the funds from the lender to purchase the property on your behalf.

holly_hobby

Dead easy .... from completion (which is the same date your borrowing commences with the lender).

If you complete before the lenders usual collection date - say mid-month, your first mge payment may be slightly more than what will be the normal, so as most peeps do, try and aim for month end, if the first months payment being rolled up may cause a dent in that months finances. Your conveyencer will advise and guide you.

Hope this helps

Holly