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First mortgage payment due..?

Ougat
Ougat Posts: 64 Forumite
Eighth Anniversary
in House buying, renting & selling
We exchanged the 15th Nov.. Completion the 24th Nov.. I have set a mortgage payment aside already but actually have no idea when we are due to pay the first one..?


So do we pay from Nov the 15th or 24th and will this payment be due the 1 Dec or the 1st Jan?


I looked through paperwork and aside from us saying we want the 1st of every month to be the payment date I can not see what it says about when the first payment will be..


How did the first payment work for you?

Comments

  • mark5
    mark5 Posts: 1,365 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Will probably be the 1st then but the first payment is usually larger to cover the period between borrowing and the first payment.
  • ACG
    ACG Posts: 24,994 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    It will depend on the lender and their system.
    You would be best calling them to check.
    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.
  • Ougat
    Ougat Posts: 64 Forumite
    Eighth Anniversary
    I take it you mean the 1st Jan.. so normal payment plus the money from the day of completion?
  • VintageHistorian
    VintageHistorian Posts: 1,123 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    Which mortgage provider are you with? Halifax told us when our first payment would be taken and how much it would be, as they added the interest from time between completion and the first payment, to the first payment.

    We completed on 8 December and our first payment went out on 4 January, obviously our completion in December was too late for the first potential payment date in that month. If you're completing before the first potential payment date (1 December) then they might have you set up and ready to go on the system by then.
    "You won't bloom until you're planted" - Graffiti spotted in Newcastle.

    Always try to be nice, but never fail to be kind - Doctor Who

    Total mortgage overpayments 2017 - 2024 - £8945.62!
  • Ougat
    Ougat Posts: 64 Forumite
    Eighth Anniversary
    I will contact Nationwide on Monday to ask.. The money is set aside for the 1st of Dec but it would be nice to know when exactly.. trying to budget for a few things and making sure we got all our bases covered..


    I suppose it will be the 1st of Jan as there are only 6 days till 1 Dec and maybe not enough time to take out.. but best ask the lender..


    Thanks for all the swift replies..
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