How much is my first payment going to be???

MikeLondon_3

My girlfriend and I are anticipating completing on our first property the middle of next month. Yay.

However, due to the dates we get paid, and when we can transfer money into our mortgage account, the date of our first payment is due to be the 5th of December.

Now, on the 5th of December, are we meant to be paying for the 15th Nov-5th Dec, or 15th Nov to 15th Dec, or even, and what I am most dreading, 15th Nov until 05th Jan.

This would basically double our first mortgage payment, which has not been factored into any of my calculations, so I'm hoping that it's one of the first two options.

Any advice appreciated.

Madjock

who is the lender?

Redbedhead

I would ask your lender tbh.

Mine (Nationwide) works on calendar months so as we complete on the 19th Oct, the payment that is taken on 3rd Nov will be the normal monthly payment plus interest relating to the period from 19/10 - 31/10, so about 1.35 times the normal payment

Jonbvn

It obviously depends on the T&C's with your lender.

With my lender (HSBC) the payments would be as follows:
If you complete in the middle of November, then the first payment will not be on 5 December. It will be on 5 Jan 2008, and will cover the period from middle November to the payment date (approx 1.5 months)

MikeLondon_3

cheers for your help so far guys,

my lender is Abbey, does anyone know how they work???

Sooler

MikeLondon wrote: »

Now, on the 5th of December, are we meant to be paying for the 15th Nov-5th Dec, or 15th Nov to 15th Dec, or even, and what I am most dreading, 15th Nov until 05th Jan.

Possibly 15th Nov – 31st December

With 1st – 31st Dec being your first month of your mortgage

And 15th – 30th Nov initial interest

Why not complete later in Nov, as near to the end of the month as you can.

See this similar thread ...

http://forums.moneysavingexpert.com/showthread.html?t=575881

Dan_Collins_2

Why dont you call them?