Accord Mortgages - First Payment After Completion

skyblue33

Hi,

Does anyone know how Accord Mortgages work in terms of taking the first mortgage payment when you complete on your house? ie, if you have specified a payment date but dont move on that date do they take a month and a half in advance or in arrears?

Example - We are looking to move at the end of May but specified a mid month payment date, so would they take a payment of 2 weeks mid June or 6 weeks mid July?

If anyone could advise that would be much appreciated.

Thanks!

skyblue33

If anyone could help with this, I'd be very grateful!

jimbo83

I completed on th 23rd of the month and then made a small payment of interest early the following month before the "proper" payments started at the end of said month.

skyblue33

Thanks for your reply Jimbo. So just to be clear, for example you may have completed on 23rd February, paid the interest from 23rd Feb to 5th March on the 5th March and then paid your first 'normal' mortgage payment as originally agreed on the 5th April?

Lou24

Why don't you call them and ask directly? They would give you the best answer as every lender may be different

Paully232000

i would phone them to make sure, but this is my experience.

moved in, exchanged on the 25th october
first mortgage payment on 7th november for the period of 25th october--6 december. (so a bit larger than normal)
then smaller, contracted payment from the 7 december onwards, in advance.

Slayerx

Your first payment will be taken 14 days after the last working day before completion.

They charge interest a day before completion as that's when they send funds to the solicitors.

What date did you complete and what date did you ask for your nominated payment date?