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Exchange - Mortgage payments
Emmajane1987
Posts: 94 Forumite
Wondering if anybody can help me.
My mortgage has been arranged to be taken out of my accounton the 5th of every month. I was aiming to exchange the week leadingup to this date however it might be the week after now. Would it be in my bestinterest to prolong it a little bit so its nearer to the following monthspayment? I’m a little confused on how the interest works out etc.
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Comments
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You don't start paying from when you exchange, it's from when you complete.
The first payment is normally a couple of weeks after completion and is for a month's payment, plus accrued interest from completion until the month end.
It can depend on the lender concerned too.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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