First payment after remortgage

nick1977

Hi all

I was a bit shocked today to see a Mortgage payment come out of my account for a Mortgage I moved on 1st June. The payment date is meant to be the 2nd of each month. I have checked the paperwork and it does indeed say that a payment will be made around 20th June, followed by normal payments starting on 2nd July.
I guess this is normal, but I wasn't expecting to make a payment in June since this is the month I took the mortgage out in. Now I am faced with another one on 2nd July which basically means two payments from one wage payment at the end of June (I am now overdrawn by the mortgage payment amount).
Should I have set the payment date as 28th to make the next payment at the end of July once I've been paid again, or would this not work?

Thanks of any advice - hope this makes sense!
Nick

panholio

I didn't make a payment in the first month of my mortgage but I think I got lucky (or unlucky in terms of paying my mortgage off as quickly as possible) with the payment date.

Takes them 10 days usually to set up a direct debit so if they can't do it in time it won't come out until the next month.

Thi swas my experience with Natwest (hiss hiss), may be different with other lenders.

HTH.

nick1977

Thanks
I was just a bit surprised that a payment was taken in the same month as I borrowed the money. My experience with other (ordinary) loans is that payments have not started until the following month. Now I am stuck with 2 mortgage payments within the space of 10 days.
I suppose the only benefit is that if I can afford it, then it means I will pay less interest over the term of the mortgage. I can afford it, but it means less luxuries for a month or two!

Nick