First mortgage payment

BoyWithTheBlues

Hi,

When is a lender likely to request the first mortgage payment?

E.g. if I were to complete on 01 Aug is the first payment likely to be 01 Sep or some time in that first month of Aug?

Also, is the lender likely to use the payment details that I provided to my broker, or will they send out a form requesting my details after completion (since application stage we have set up a new joint account you see).

Any answers to these stupid questions would be greatly appreciated.

Slayerx

If you use a broker normally they will have a Direct Debit form to submit with regards 1st payment it varies from lender to lender.

vw100

You can call the lender and change your direct debit details and also set the date of the debits from the account. If the first payment goes over 1 month, some lenders will collect more than a months payment to cover the time period and then revert to the set monthly date.

Slayerx

Also worth checking if your lender charges daily or monthly interest.

kingstreet

It depends on whether your lender collects in advance or in arrears.

Same with the direct debit. You really need to ask your broker. That's what they are there for.

BoyWithTheBlues

Thanks guys. I will get in touch with broker today to see what the script is.

Lender is Halifax if that makes any difference.

kingstreet

Got your mortgage offer?

With it should be a copy of this;-

http://www.halifax-intermediaries.co.uk/pdf/info-about-your-mortgage_10_.pdf

First payment info is in there.

TBagpuss

you can usually say what day of the month you want them to take the DD. I think most default to 1st if you don't specifcy

BoyWithTheBlues

kingstreet wrote: »

Got your mortgage offer?

With it should be a copy of this;-

First payment info is in there.

That's magic. I do have a paper copy of that but that section never registered at the time. Cheers.