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FTB first mortgage payments
catye
Posts: 30 Forumite
Hi
I just bought and moved into my new house and have a received a letter detailing the first mortgage payments. I was hoping someone could kindly explain this to me...
The first payment is 19th August (a month after our move in date) and covers broken interest for July, as well as the normal monthly payment, which I understand. The second payment is 2nd September, which I presume covers the month of September, does this seem right? I was under the impression that mortgage payments were in arrears, so thought the second payment would be later?
As the title says I'm a FTB so would be really grateful if someone could clarify this for me.
Many thanks
I just bought and moved into my new house and have a received a letter detailing the first mortgage payments. I was hoping someone could kindly explain this to me...
The first payment is 19th August (a month after our move in date) and covers broken interest for July, as well as the normal monthly payment, which I understand. The second payment is 2nd September, which I presume covers the month of September, does this seem right? I was under the impression that mortgage payments were in arrears, so thought the second payment would be later?
As the title says I'm a FTB so would be really grateful if someone could clarify this for me.
Many thanks
0
Comments
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What does your offer paperwork state? It should all be explained in there. Not all mortgage payments are in arrears, it depends on the provider.0
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Ah you're right, I double-checked the paperwork and it does say the regular payments are for the month ahead. I was sure I had read that it was in arrears, never mind. Well that all makes sense now anyway.
Thanks a lot for your help :-)0 -
Building societies and former building societies charge in advance, clearing banks charge in arrears.
There are odd exceptions to this, but on the whole, that's how it works.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Think of the positive, it saves a minute amount of interestDebt free as of 7.20am on 31st December 2012.
Wow. Feels great :j :beer:0 -
I had the same thing when I moved into my place, the 1st payment was on 22nd then the next payment was on the 1st. I just called them (NW) and asked if all my payments could be on the 28th please as that's my pay day, they said no worries and changed my payment schedule 0
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I take it that's Nationwide, not NatWest?I had the same thing when I moved into my place, the 1st payment was on 22nd then the next payment was on the 1st. I just called them (NW) and asked if all my payments could be on the 28th please as that's my pay day, they said no worries and changed my payment scheduleI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I'm with Natwest and they asked when I wanted payments to be.0
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Your choice of regular payment date and the timing of the first payment are not related. Use of "NW" could lead some to believe you are talking about Nationwide.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »I take it that's Nationwide, not NatWest?
Yes sorry, Nationwide (not Natwest)0 -
kingstreet wrote: »Your choice of regular payment date and the timing of the first payment are not related.
Whilst they aren't wholly related, Nationwide were very understanding in terms of not wanting to take 2 mortgage payments back to back and were more than happy to rearrange to help my cash flow.0
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