First mortgage payment

Barney72

Hi there just been told our completion date will be 1st July so does that mean first mortgage payment will be 1st August or likely to be end of July? I checked offer letter but example isn't first of the month, thank you

drpaul_2

I had the same question for my remortgage.

Mine completes on the 31st of May, I phoned the new lender and they told me my first payment will be the 1st of July so I expect yours will be August.

And I guess it depends what date you set for your payments to come out and remember the first payment will be higher to reflect interest accrued during June.

It can't hurt to call them and ask if you are unsure.

Hope this helps

mrsp1987

We completed in the middle of April and I think our first payment went out on the 1st June but it was like a month and a half worth of money if that makes sense. If in doubt ask your lender

Barney72

Thanks both I did ask for payments on first of each month so hopefully will be 1st August