YIPEE - COMPLETED! One last question!

Mortgagemeltdown

Hi all,

Just thought I would follow up quickly and let you all know that it went down to the wire and I finally completed today. Was supposed to be yesterday but some of my deposit money is 'missing' in bank cyberspace (thats a whole other story!) and as a result the full funds did not reach my solicitor until 4.50pm last night, too late to be transferred to vendor's solicitor. Thankfully however, they were ok to complete today, which my solicitor confirmed this afternoon and, in case I really didn't believe it from him, I have just logged on to my online banking and the Halifax have already set up the direct debit for my mortgage payments.

This leads to my question….my solicitor was in receipt of mortgage funds yesterday at the very latest (I believe he requested them last Thursday but actually received them yesterday) and my mortgage offer says my payments will begin the month following completion. This may be a really stupid question since in effect completion happened today but does that mean my first payment will be August (since today is 1st July), or does completion for the mortgage company start when funds are released and received by solicitor (which would be 30th June at the latest) meaning my first payment will be due this month?

Many thanks for any replies. It is such a relief for it to finally be over and to be asking questions about MY mortgage!!!

TLM_77

Didn't you specify with your lender what day of each month you wanted the direct debit of your mortgage to come out on, e.g the 10th of each month?
If so, your first payment would be on the 10th of August and money owed from 1st of July to 10th of July would be added.

Pretty sure that's how it works - lender will make sure you pay for every day, you can be sure of that! haha.
Congrats on completion and enjoy your new home.

Mortgagemeltdown

Ha ha….I am under no illusions and knew that they would be calculating the interest from the second it left them!

I specified the 1st of each month….from the mortgage offer it says that the first payment will be due the month following completion which I am guessing means 1st August in my case since completion occurred today (1st July)….I just wondered whether the fact it was supposed to happen yesterday when funds were received by the solicitor would mean that the first payment might become due this month? And since the 1st has been and gone, whether they might collect on a different date and revert to my chosen date from following month. I am really just being impatient as I expect I will be receiving a letter from them VERY soon stating my first payment amount and when it will be collected.

Thanks for the congrats….I can't actually believe this house is mine! It just doesn't seem real!!!!!

TLM_77

From what you've said, if the completion was today, then it will be 1st of August definitely.
Lender will be notified of the completion date so wouldn't worry.
Have a wonderful time in your new property, hoping I'll be in your position in around 6 weeks!
All the best.

Mortgagemeltdown

Thank you TLM!

Best of luck with your mortgage and purchase. As stressful as it is/was and I've made myself sick over this, it is so worth it now! I am, actually, WAS a first time buyer and panicked over every single thing, and my purchase was chain free so goodness knows how I would have been had there been a chain. Even after the solicitor confirmed completion I was still driving myself crazy thinking something would still go wrong! That was until I saw the direct debit had been set up and now its real….ha ha!!

Good luck!!!!