When is the best time of the month to complete ?

ThisTime

Hi,
We are currently in the process of buying a house and the chain is discussing ideal dates for completion.

I pay my current mortgage on the 1st of every month, my new mortgage is a lot bigger and with a different lender.

What happens if we complete on sat the 28th of the month ? Do we just pay interest upto that day ? Same the other way if we complete on the 10th for example ?

Would just like to know which is going to be the cheaper way to do it ? Does it make any difference ?

Thanks

Thrugelmir

Are you in a chain? If so your choice of dates maybe more a question of when everybody agrees than of your choosing.

ThisTime

Thrugelmir wrote: »

Are you in a chain? If so your choice of dates maybe more a question of when everybody agrees than of your choosing.

Hi, yes as I mentioned above people in the chain have been asked to put forward there preferred dates to then work something agreeable to everyone.

I wondered if there are any savings to be had moving just before another payment due or after and that would then influence my preference.

M0ney

I'm a novice here but I felt that immediately after I just made a payment would be best then you're avoid a lump of interest being stuck on your first new mortgage payment.

Senior_Paper_Monitor

Payment policy (in terms of how much/when) varies fairly dramatically between lenders.