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Do lenders tend to ake the 1st months mortgage payment in advance or arrears??? help!
PrincessJR
Posts: 320 Forumite
Hi,
We have just had our contracts through to sign and are trying to consider the best date to move. As it is the 9th today, we obviously cannot afford to say we will move in next week, if it means our 1st mortgage pyment will be for nearly 2 months (i.e. a payment in advance). However, could we ask that ourpayment date be the 28th of each month and then just pay for 2 weeks at the end of oct, then for 1 month at the end of nov?
How does it work? (its our 1st house you may have gathered!)
Thanks guys
xxxxxxxxxxxxxx
We have just had our contracts through to sign and are trying to consider the best date to move. As it is the 9th today, we obviously cannot afford to say we will move in next week, if it means our 1st mortgage pyment will be for nearly 2 months (i.e. a payment in advance). However, could we ask that ourpayment date be the 28th of each month and then just pay for 2 weeks at the end of oct, then for 1 month at the end of nov?
How does it work? (its our 1st house you may have gathered!)
Thanks guys
xxxxxxxxxxxxxx
0
Comments
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who is your lender?I am a Mortgage AdviserYou 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.0
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vanguard are our lenders0
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I would call them to ask - not sure how they do it. Most will take the first payment on the the 1st of the following month and will include or expect you to pay the money for the days prior to this from completion.I am a Mortgage AdviserYou 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.0
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