moving house, why would mortgage payment be so high

maunders

hi, I'm in the process of buying/selling and porting my existing rate. I currently pay £640 a month however on the example given on my mortgage application form it states that the first payment would roughly be £1000 for the first month. I am wondering why this would be as I presume the mortgage payment the month before I sell would cover it as the rate is staying the same, and i am not borrowing anymore on that rate? cheers

kingstreet

It will assume a completion at the beginning of a month to show a large amount of accrued interest on top of the normal monthly payment.

Accrued interest is interest from completion upto the end of the month of completion, so it could be as much as 29 days if you complete at the beginning, or as little as nil if you complete at the end.