When will my first repayment be?

EGGP1878

Sorry to be a pain, I know questions like this can be tedious because there continuously asked.

I need an answer relatively quickly though as I'm due to exchange tomorrow with a view to completing on 20th December.

The mortgage is with Nationwide, my question is this...

If I complete on 20th December, when will my first payment be? We have chosen to pay on the 1st of each month.

I assumed it would be 1st February + 11 days interest incurred from December.

However, I've just got my mortgage offer through and it says that the first payment is normally due about 3 weeks after completion.

I'm worried that I will have my first repayment mid way through January, followed by the second payment a few weeks later on the 1st February. Surely this isn't the case?

I would appreciate any help I can get as I will have to move completion back a few weeks if this is the case as we simply could not afford essentially 2 mortgage repayments within such a short space of time.

kingstreet

First payment will be around 4th January and will be one full month's payment, plus accrued interest from 20th December to 31st December.

First regular payment will be a normal month's payment on 1 February.

Building societies collect in advance, not arrears.

EGGP1878

kingstreet wrote: »

First payment will be around 4th January and will be one full month's payment, plus accrued interest from 20th December to 31st December.

First regular payment will be a normal month's payment on 1 February.

Building societies collect in advance, not arrears.

Thanks for that. Will have to try and move completion back a few weeks then. Its a new build and they're being really pushy about getting the sale completed before Christmas, threatening to cancel the sale if it isn't. But I can't afford two repayments in January so I'm not getting myself in a position just so they get a nicer Christmas bonus.