First Mortgage Payment - More than usual?

supersonicdave

Hi All,

We are hoping to exchange and complete within the next couple of weeks and I am now curious about the amount of the first mortgage payment. I have heard that there is an initial interest charge but don’t really understand it.

Our mortgage should be about £490 per month, and is first due one month after completion. However as we get the funds on completion day I think we need to also pay interest on them for the period between completion and first payment.

Is there a way that I can roughly know how much more (above the normal monthly payment) the first payment will be? Has anyone gone through this recently, or remember theirs?

Cheers,
Dave.

andrewbrydon

Dave

Speak to the lender/broker, tell them estimated completion date and breakdown of payment for you.
You could pay 2 months payment 1 month after completion or a 5-6 weeks maybe.
Make a call

dollarjon

Interest is calculated daily therefore you will have to pay the interest on the ammount of days between completion and your first payment.