Post office - first mortgage payment

LJE091

Hi,
My boyfriend and I are first time buyers, hoping to exchange this week with a completion date of the 22nd September.

How much will our first mortgage payment be and when will this need to be paid?

Monthly payment is £620
Mortgage rate is 3.9% fixed for 2 years
Mortgage term is over 35 years

We would like our mortgage payment to be taken on the first of each month, not sure if we get to choose though.

Thanks in advance! 😊

getmore4less

Always plan for up to double the normal payment, in practice it will be less closer to 1 full payment up to 1 full month of interest

on £142k that's up to around £620+£460

Time2go

First mortgage payment will probably be taken 1november but will cover from date of completion till then so will be 6 weeks worth so make sure you keep back enough for that.

wantonnoodle

In our experience (different lender, but may give you an idea) our first payment had to be 1 calendar month after date of completion (so based on that, expect to be paying first payment on 22nd October. After that, we were able to change the payment date, but there had to be at least one payment per calendar month.

Our regular payment is £965, but our first payment was £1068, so only £103 more than a standard payment, so not sure how that matches up to some comments about payment being almost double. Our house was bought for 250,000 in Feb this year FWIW.