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Mortgage repayments
Manfer87
Posts: 13 Forumite
We are about to exchange contracts (very excited!) and solicitor has asked us what date we would like to aim for for completion. Seller (executor) is awa until mid June so needs some more time to finish emptying the property so end of June will be the earliest. We currently rent so will have an overlap between the two.
What I don't know is when do mortgage repayments start? We have chosen the 1st of the month as our repayment date. If we complete the 29th June (for example) will repayments start 01/07 or 01/08 with interest added for additional days?
Lender is Natwest.
Thank you in advance... I'm a mortgage newbie!
What I don't know is when do mortgage repayments start? We have chosen the 1st of the month as our repayment date. If we complete the 29th June (for example) will repayments start 01/07 or 01/08 with interest added for additional days?
Lender is Natwest.
Thank you in advance... I'm a mortgage newbie!
0
Comments
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August.
With two or three days accrued interest added.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Depends on your lender.
You may have to pay the couple of days interest for June and the whole of July sometime in the middle of July, with the 1st regular payment on the 1st August.
Either check your paperwork from the lender, or ask the lender.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
NatWest follows the clearing bank pattern and collects in arrears.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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