Buying a new build, when will my first mortgage payment be?

Nutnic

Hi,
We have just reserved our new build but we will have completed on the sale of our house roughly three months before the new build will be ready - estimated 11th of December. I was just wondering if anyone knew when our first mortgage payment would be? Just working out how much money we will have for the extra bits of furniture we need.
Thanks
Nic

ACG

Sorry i miss read the post (the sun is shining on my screen).

I agree with the post below. No lender is going to allow you to complete until the property is built...

But to answer the question more generically - your first payment is usually the date chosen (eg 1st of the month) following completion, presuming you complete around a week or so before that date.

okborednow

Nutnic wrote: »

Hi,
We have just reserved our new build but we will have completed on the sale of our house roughly three months before the new build will be ready - estimated 11th of December. I was just wondering if anyone knew when our first mortgage payment would be? Just working out how much money we will have for the extra bits of furniture we need.
Thanks
Nic

Are you sure you're completing before the house is ready because i've never heard of this before. Generally to complete the house needs to be signed off by someone like the NHBC and they won't be able to do that til the house is finished. Are you sure you won't just be exchanging contracts?

Nutnic

Sorry just I clarify we will be completeting on the sale of OUR property, not the purchase of the new build. We will be moving in with my parents for the time inbetween.
Nic

kingstreet

Your first payment to your new mortgage will be a couple of weeks after the purchase completes.