Nationwide first mortgage payment

Michelle2014

Our remortgage is due to complete with Nationwide at the end of this week and am a bit confused over when payments are due. Our normal mortgage payment will be £430 but I am told the first payment will be higher around £690 (to cover interest and first months payment). The mortgage broker says the first payment will be taken around 28 days after completion so around end of December. On the mortgage aplication we specified first of the month for direct debit payments. I am therefore wondering if they will take the large payment at end of December (interest for December + first payment for January) and then resume normal payments on 01 February. Tried calling Nationwide about this but they said I have to wait for a letter.

Anyone any recent experience of how this works?

Thrugelmir

Michelle2014 wrote: »

I am therefore wondering if they will take the large payment at end of December (interest for December + first payment for January) and then resume normal payments on 01 February.

This is how it works, Setting up a direct debit initially takes a few days

TrickyDicky101

I expect your first payment will be taken around 2nd Jan (working day) and it is highly likely to be nearly twice your normal payment (due to the interest). This is assuming the mortgage funds are advanced in early December.