when will my first mort. payment be?

djwflub

completing on my first house tomorrow - when will they take my first mortgage payment?

grey_lady

Halifax take it two weeks after completion, not sure about anyone else though, hth.

cattie

You have to bear in mind that often there are 2 payments to be made when a mortgage starts. The first is the initial interest, which often comes as a bit of a shock to ftb's who don't realise they will have this payment. Then is the regular mortgage payment.

The date you complete & start your mortgage should be roughly when the monthly payments come out each month, but some lenders give you the choice of a date for the dd's to come out to coincide with when salaries are paid in.

Ingela

I'm quite curious about this too, my mortgage is with natwest if that makes any difference?

kevinchapman82

It depends if you chose a date for your dd. If so, it'll be on that date. If that date is within the first few weeks of you moving in, it will probably miss that one and you'll pay a higher payment the following month, before it evens out.

The best thing to do is ring the lender and ask them, as part of the direct debit guarantee they have to tell what will come out of your account and when.

Scott

Different lenders do this in different ways, there is no way for anyone on this board to really give you an answer that isn't speculation. Phone them, they'll tell you without any qualms.

it will probably miss that one and you'll pay a higher payment the following month

Again, dependant upon the lender, some still charge the normal monthly payment in this situation.