When do mortgage repayments start?

dave76

So, as I understand it once the property has been valued ok the mortgage company will go ahead and give me a mortgage offer. I then take their offer, complete the purchase, sign contracts etc.

At what point does the mortgage actually start though, and when would the first payment be due? I put down a preference on my application form to make payments around 7th of the month, so would the first payment be on the next 7th after completion, or would there be an initial payment at completion and then the 2nd payment on the following 7th?

Sounds complicated but I know what I mean I am just trying to work out cashflows (and how much if any they would overlap with any rent payments outstanding on my flat)

Dan_Collins_2

Why dont you ask your lender??

MortgagesInc

Who is the mortgage with, and when do you expect to complete?

dave76

I just wondered if there was a rule of thumb thats all - not sure when things will complete at the moment as I am quite early on in the process, the property hasnt been surveyed yet so a few more weeks before things are completed. The lender is nationwide.

Dan_Collins_2

Call them, however they will write to you a few weeks after completion. You can select a date with nationwide but as a rule your first payment will be a month after completion. This will be a full payment for the month ahead and interest for the period from completion through to the first payment.