Woolwich first payment

andy_vip

Hi all,

Just trying to plan for the next couple of months, have asked our broker already but he just said we would get a letter 10 days after completion, which isn't much use.

So we complete on 17th October. Mortgage is with woolwich, standard payment £1251.00 interest rate of 4.69%

They set their standard direct debit day as the 16th so our first payment will be 16th November.

Can someone confirm how much we'll pay. I've heard conflicting advice that the mortgage can be in advance or in arrears, which is it?

Personally, I think the payment will be a usual £1251 plus interest from 17th Oct to 16th Nov which is £851.43. So a rather large £2100!

Now for some advice from you guys, I get paid on 25th of each month. Should I...

A) leave everything as is for DD to come out on 16th
push the date BACK to 25th Nov, which will accrue more interest (an extra £250 ish) but give me another months pay or
C) bring it forward to 25th Oct which will mean less interest but leave me a little tight for the next month.

TIA

A

witchy1066

HI andy

sorry if this sounds blunt but wouldn't it be best to make sure the payment is in the account regardless of when its going out ,

if your that tight now for money how are you going to manage in the future

kimmy40

We are with the woolwich and when I asked I was told everyone's mortgage comes out on the 16th of he month . No room for manoeuvre I'm afraid .
We completed on 13/12 so the took the first payment in January for part dec part jan. About 1.5 x monthly rate but no payment in December.
Hope this helps .

andy_vip

For anyone who might have th same question as me I have just found the answer.

The first payment is 16th November for usual amount plus interest from 17th Oct - 31st Oct (so not as much interest as I thought)

Woolwich were also fine with me moving the Direct Debit date to the 25th November with no added interest.

Witchy - yes of course the money will be there, nothing wrong with planning though is there? We're not that tight for money, as I said, there are a few bits we want to do and knowing when we will have the money available to do that.

Kimmy40 - We were allowed to change the date, maybe get in touch with them again? Unless you have an offset or interest only mortgage? Ours is a normal repayment.