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First Mortgage Payment
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Our mortgage advisor told us its best to complete at end of the month or we could have a massive first payment, our solicitor is arguing with us that it doesn't make any difference - basically if we get paid our wages on the last day of each month and I put £800 away for our mortgage from our next (30/9) and subsequent paydays for the mortgage until the first payment becomes payable.
If you are worried about the timing of the first payment, perhaps you should not be getting a mortgage, as you cannot afford the payments?
My first payment is next month, and there is £42 on top of the normal payments.0 -
Yes, listen to Sevenhills, withdraw from the sale and rent for life.
Geez.1 -
We completed on 26th July and our first mortgage payment came out on the 10th August, our second was 1st September. Completely screwed us up as weren't expecting to pay our first payment so soon after completing.0
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We completed (with NatWest) on 24/08 this year. Had a letter from them a week or so later confirming first mortgage payment (normal amount) will be taken on 1st October followed by normal monthly payments on the 1st of each month. So in effect we didn't make a mortgage payment in September.1
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sevenhills wrote: »If you are worried about the timing of the first payment, perhaps you should not be getting a mortgage, as you cannot afford the payments?
My first payment is next month, and there is £42 on top of the normal payments.
Confused does not equal worried and neither confused or worried equals they cannot afford the payments. Just because they want to make sure they put the correct amount of money aside doesn't mean they can't afford it.
You have taken an odd leap to come to that conclusion. :rotfl:
I get it - I'm trying to buy a house myself and the when of the first payment actually didn't cross my mind until I read this forum - and it's something that doesn't get mentioned when buying a house, esp if you're renting so may have a cross over.1 -
sevenhills wrote: »If you are worried about the timing of the first payment, perhaps you should not be getting a mortgage, as you cannot afford the payments?
My first payment is next month, and there is £42 on top of the normal payments.
Helpful!!
The OP is getting advise so they can plan and budget for that first payment that may be slightly more than usual.
Hardly means they can't afford mortgage payments does it.1
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