Mortgage Start date

Dan-Dan

When we completed , my sol asked for the funds on Monday Sept 30th , ready for exhange on the 1st , it meant that i paid two months installments in the space of 30 days

mysti77

Dan-Dan wrote: »

When we completed , my sol asked for the funds on Monday Sept 30th , ready for exhange on the 1st , it meant that i paid two months installments in the space of 30 days

Two months installments is ok for us we have the money saved and that would mean one month less on our mortgage. But it is not two months installments. Its one month plus 18 days interest only. Understand we need to pay interest only until 1st December but not happy that they can start charging before the date the money was requested to be sent.

That 40 £ could be my little ones Christmas prezzy for example. Not just for absolutely nothing. Maybe even say 20 £ for the day before and call it a service charge of sorts for having the money ready the day before.

Paully232000

I may be wrong but would it not be that you would then pay your mortgage off 2 days earlier than originally estimated, not that it would be say 25 yrs and 2 days mortgage, instead of 25 years. So you wouldn't in the end be paying any more.

mysti77

Paully232000 wrote: »

I may be wrong but would it not be that you would then pay your mortgage off 2 days earlier than originally estimated, not that it would be say 25 yrs and 2 days mortgage, instead of 25 years. So you wouldn't in the end be paying any more.

Unfortunately not. This is interest only for November then our mortgage period begins. So e.g. 25 years repayment plus 16 days interest only (or as they calculate 18 days interest)

kingstreet

mysti77 wrote: »

Two months installments is ok for us we have the money saved and that would mean one month less on our mortgage. But it is not two months installments. Its one month plus 18 days interest only. Understand we need to pay interest only until 1st December but not happy that they can start charging before the date the money was requested to be sent.

That 40 £ could be my little ones Christmas prezzy for example. Not just for absolutely nothing. Maybe even say 20 £ for the day before and call it a service charge of sorts for having the money ready the day before.

Make a complaint to the lender. Set out what it did wrong, what you want it to do to put it right and await the outcome, which it can take upto eight weeks to investigate.

If its final outcome is not acceptable, you have the right to escalate to FOS, for upto six months thereafter.

abkb

Yes it sounds correct to me; it will have been detailed in your mortgage offer.

We recently received our mortgage offer from Natwest. I read through all the documentation a couple of times, and it states that the mortgage will start the day before we complete due to release of funds.

lee111s

It's correct, what would you say if they sent the Money on the 14th but it didn't arrive until the afternoon on the 15th thus holding up the whole chain and potentially causing you more in stress/movers fees/hassle.

It's £20. It's not worth spending the hours chasing it up to find out that they're not going to give it back to you anyway. From the lenders point of view it's been out of their account since the 13th and therefore interest is due on it.