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Post Office Mortgage
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Your first payment is made up of interest from the date the funds are drawn down by the solicitor to the month end, plus your first month's payment.
Accrued interest, as it is known, is avoided by completing at the end of the month.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 -
What a crock and complete con.
Its 600 on top of 920.0 -
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As I said, complete on a date closer to the month-end then.What a crock and complete con.
Its 600 on top of 920.
Paying for your home is hardly a con. You get to occupy your home from that date, so paying from then is completely logical.
You either pay in advance, and your final payment will be a month before the mortgage ends, or you pay in arrears and your final payment is made on the mortgage redemption date.
You are losing nothing.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 -
So the issue is more lack of communication and being told this sort of information0
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I don't see how month end is relevant.
We've already agreed by contract how much we'll pay monthly. The date they take it was decided by them and happens to be 1 month in arrears of completion date.
I'm not quibbling about paying 'more', I'm quibbling about paying more upfront which has not been previously communicated and is significant.0 -
Every lender works the same way.
Interest from completion to month end is rolled into first month's payment.
Many lender KFIs actually indicate this, by showing an assumed completion date half way through the month.
I'm sorry about your experiences with Bank of Ireland.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 -
My solicitor sent me a letter to draw my attention to the ‘substantially higher first mortgage payment’. (In my case) It is in section six of the mortgage offer outlining the Bank of Ireland will charge interest from the date they release the mortgage advance until the day we make the first mortgage repayment.0
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I hope everyone is getting there and that the back-log is clearing. I thought I would just update to say that we exchanged on Tuesday and complete on the 23rd. It was a stressful wait but we're nearly there now.0
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Got my offer yesterday, but they've got the solicitor wrong even though I told them previously0
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