First Mortgage Payment Confusion...

SmlSave

Please call your bank to check what your first payment will be hun. Just in case and before you start spending

adicristea

KiKi wrote: »

I remember this from my previous two mortgages - and getting that wonderful surprise of effectively not having to pay the mortgage payment in month 1 (just the interest). Obviously you're still paying it overall, because the mortgage ends a month later, but I really liked having that first month 'off'!

Apologies for reviving a year old thread, but I'm confused a bit about the info in the message quoted. I understand the relief around not paying the first month, but isn't paying interest only considered losing money? Is my understanding correct that unless the completion date is on the last day of the month, buyers will always lose some money in interest that is collected for the period between completion and the next 1st of month?

Elyg

hello out there. i found this thread over the weekend when trying to work out our first payment. we complete on 4th june. after 3 calls to barclays today and some persistence i think i got the correct answer. barclays reminded me we had asked for a payment date of 15th of each month. they said they will take the first payment on 16th july and that will comprise june's interest from 4th, so nearly the whole month, plus the whole of july's interest. so our first payment will be almost 2 month's but taken 6 weeks after completion. i didn't think that was too bad as i had feared 2 months might be taken at the beginning of july! i hope this helps others. good luck out there.