First Mortgage Payment!

anirek

Hi

Long story but I am buying my (soon to be) ex husband out of our house. Nationwide have agreed to a transfer of equity, and I have added £30k onto the mortgage to use to pay the ex off.

All is going well and I am due to complete on Friday 29th November 2013. I have been told that a special condition of the mortgage is that my credit card balance is also zero at completion. This is a bit of a nightmare, but I can just about scrape enough money together to pay off the card, and the required legal fees to my solicitor, all before completion day.

My question is this. I have said that I want my mortgage payment to be taken on the 1st of each month. I am aware that the first mortgage payment will be more than the standard monthly payment because of the part month thing. So if I complete on Friday 29th November 2013 do you think they are likely to take this first larger payment on 1st December? Bearing in mind that the 1st December is a Sunday so it would probably be taken on 2nd? Or do you think I will get away with it and they'll take it on 1st January?

Do they have to notify me in writing in advance of how much this first month payment will be?

Just panicking a bit because I have no back up fund at all - the divorce and mortgage has wiped me out (but had to be done) and I will not have enough money to cover a larger than the norm mortgage payment on 1st December.

I presume if I completed on 29th November, and they take money on 1st December, it shouldn't actually be much more than a normal month, as there is only 29th and 30th November to be paid as extra?

But if they take it on 1st January, will it be just over double the normal amount as I will have to pay for 29th and 30th November, plus December, plus January in advance.

My biggest fear is that they will take a nearly double payment on 1st December - but surely they can't do that as I shouldn't owe them that much?

Sorry for the long rambling post and I know no-one has a crystal ball but would appreciate other peoples thoughts on this one.

Thanks in advance

Foxy-Stoat_3

I am pretty sure that no one apart from the lender will be able to answer that question for you.

Maybe you sure speak to them directly.

Goldiegirl

Yes, do speak to them to confirm.

But, I think the most likely thing to happen will be this.

If you complete on the 29th November, in all likelihood they won't have time to amend the Direct Debit for 1st December.

So in all probability, you'll end up paying the new monthly payment from 1st January, plus the two days interest on the £30000 for November, plus the shortfall on the new monthly payment for December.

Hope this is of some help

anirek

I hadn't thought of that scenario - yes that does sound most likely. If that is what they do, then i should be fine.

In fact i'll be fine whatever they do as long as they don't take an extra large payment on 1st December.

It is difficult for me to ring them as I am not allowed to make personal calls at work and I work long hours. I leave home at 6am in the morning and often am not home again until 8pm at night (I have a bit of a commute to do as well). I can't afford to ring the 0845 number from my mobile so have to use my landline, and when I'm at home and can use the landline, they're shut. It's a nightmare! A more flexible place of work would help!

I will sneak off somewhere to ring them tomorrow when I have the mortgage offer in front of me to double check.

Thanks for the help.

jamiewakeham

http://www.saynoto0870.com/search.php may well have a geographical number to save you having to use the 0845 number.

dprice

I completed on the 15th of the month a couple of years ago, DD go out on the 3rd. This didn't even give them enough time to take the payment the following month.

Looks like you will be comfortable with a big hit on ST January.

Either way, the lender will write to you confirming when first and catchup payment is taken. Good Luck