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First mortgage payment
Worried
Posts: 270 Forumite
Have just rang Abbey to ask for our mortgage payments to be taken on the 7th of each month. We complete on 25th July. They said first mortgage payment would come out on 7th sep, as it takes 21 days for them to set up DD. So will our payment on the 7th Sep, be for the period between 25th July and 5th Sep so 6 and a bit weeks, or will it be it be 10 and a bit weeks to pay, to take us to Oct 7th? Do you pay for the month ahead?
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Comments
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Does anyone know?0
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We completed on 25th June, and want to pay on the 10th of the month. Our first payment will be on 10th August. You pay your mortgage payments in arrears (for the month just gone). So yours will be the interest from 25th July - 7th August, plus your quoted monthly payment for 7th August - 7th September. In our case this meant an extra £400ish in interest.Quit smoking 12th July 07 :j0
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Thanks very much for clarifying.0
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