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Just received mortgage offer, payments help.

set
set Posts: 291 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
in Mortgages & endowments
Hi

We received our mortgage offer today :j. I'm sorry for sound dumb but could I just ask you guys about repayments it says:

One payment of £718
Then 443 until dad/mm/2019
Then 432 until dad/mm/2042

So that means one mortgage starts our first payment will be 718? I'm sure thats it but just wanted to check so I can transfer this to savings account with our quarterly service charge so can have this money ready before we even exchange then normal repayments will come out of wages as normal.
:)
.

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Yes that would be it
  • set
    set Posts: 291 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Thanks. Obvious really but long day in work, I'm reading everything two / three times. Don't want to miss anything. I'm not usually THIS dumb...honest ;)
    Thanks again
    .
  • ACG
    ACG Posts: 24,744 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    That first payment is based on an assumed completion date. If the completion date differs so will the first payment. The lender will or should send you confirmation of the first payment before it takes it.
    I am a Mortgage Adviser
    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.
  • set
    set Posts: 291 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Thank you for that. First mortgage! I will put the amount stated at the moment away in savings account. If it's less then bonus :)

    Thanks again :)
    .
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