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Payment amount
Saints2011
Posts: 933 Forumite
Good evening looking for a bit of help please.
I am due to complete on the 3/1/14 the lender is Nationwide. I have a fixed rate at £485.59 per month. When applying for the mortgage I set a preferred payment date of the 28th of each month.
If I complete on the 3/1/14 how much will my payment be in money I calculate approx £800 does this sound right? Any exact figures would be much appreciated.
It states a fixed rate of 3.39%
Overall cost for comparison is 4.0% APR
Thank you in advance !
I am due to complete on the 3/1/14 the lender is Nationwide. I have a fixed rate at £485.59 per month. When applying for the mortgage I set a preferred payment date of the 28th of each month.
If I complete on the 3/1/14 how much will my payment be in money I calculate approx £800 does this sound right? Any exact figures would be much appreciated.
It states a fixed rate of 3.39%
Overall cost for comparison is 4.0% APR
Thank you in advance !
Can I find out my credit score?
You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)
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Comments
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Presumably you're talking about the first payment, as you already appear to know the normal monthly payment?
Accrued interest from the date the funds are drawndown, say 2nd to 31st, so that's 29 days, plus the normal month's payment for February. That may all be debited at once...
I can't remember if they'll debit the accrued interest a couple of weeks after completion, with the first regular monthly payment on 28 January, or all of it on 28 January.
I can't work out the accrued interest, because you didn't state the mortgage amount.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Presumably you're talking about the first payment, as you already appear to know the normal monthly payment?
Accrued interest from the date the funds are drawndown, say 2nd to 31st, so that's 29 days, plus the normal month's payment for February. That may all be debited at once...
I can't remember if they'll debit the accrued interest a couple of weeks after completion, with the first regular monthly payment on 28 January, or all of it on 28 January.
I can't work out the accrued interest, because you didn't state the mortgage amount.
Thank you for your reply.
Yes I am referring to the first monthly payment.
The mortgage was £97,750 + £400.00 added to the loan for the mortgage fee giving a total of £98,150.
Thank youCan I find out my credit score?You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)0 -
Why guess? Ask the Nationwide.0
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Saints2011 wrote: »Thank you for your reply.
Yes I am referring to the first monthly payment.
The mortgage was £97,750 + £400.00 added to the loan for the mortgage fee giving a total of £98,150.
Thank you
Any ideas kingstreet? Exchanged today, complete 3/1/14.
Thank youCan I find out my credit score?You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)0 -
£98,150 x 3.39% = £3,327.28 per annum.
£3,327.28 / 365 days = £9.1158 per day.
Completion 3 Jan to 31 Jan = 28 days. (Assumes solicitor gets money on completion day, not before).
28 x £9.1158 = £255.24 accrued interest.
Normal monthly payment = £485.59 + accrued interest £255.24 = £740.83 first payment.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »£98,150 x 3.39% = £3,327.28 per annum.
£3,327.28 / 365 days = £9.1158 per day.
Completion 3 Jan to 31 Jan = 28 days. (Assumes solicitor gets money on completion day, not before).
28 x £9.1158 = £255.24 accrued interest.
Normal monthly payment = £485.59 + accrued interest £255.24 = £740.83 first payment.
Superb thank you ever so much. Solicitor receives the money on the 2/1/13 got a text / email from Nationwide today
:beer: A real help, thanks again!Can I find out my credit score?You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)0
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