Natwest mortgage

petermortgages

Hi,

I am due to complete on a new build a week on Friday 23rd. My question is (which I cannot see in the mortgage docs) when do I start paying the mortgage, or when is the first payment going to be, a month from moving in, the first month pro rata to the month end.

I have read through the docs and cannot find the answer.

Thanks
Pete

grumbler

You start paying on the DD date that the lender has to inform you about.
Common sense suggests that the interest starts from the day when the lender transfers the money.

Thrugelmir

Direct debits take some time to set-up and be collected. With a completion date of the 23rd. Expect the direct debit date to the the first of the month following that of completion (or the next working day as applicable). With January 1st being a bank holiday probably the 2nd.

The first direct debit will be higher to allow for the first few days of interest until the 30th November.

kingstreet

In common with other clearing banks, NatWest collects in arrears, so I suspect a month plus seven days interest collected on 1 January or thereabouts.

As grumbler said, wait for the confirmation letter from the letter soon after completion.