First mortgage payment

J4mesg

hi. Looking for advice.
Mortgage loan completes 24th aug. Illustration is conflicting and says first payment due plus interest one month from completion date. Do i pay one or two months payments on sept 24th?

RauHughes

I think you pay interest due in August (24th - 31st)  plus your normal payment for September. Someone else may be able to confirm for sure, but this is my understanding.

Inituptomyeyes

Our mortgage is with Leeds building society, I’m not sure if different lenders do things differently.

We completed on our house purchase a few weeks ago on 31/07, they took the first DD of a full month plus around £120 extra in interest  2 weeks later on 13/08.

I x

mortgagetakingages

Inituptomyeyes said:

Our mortgage is with Leeds building society, I’m not sure if different lenders do things differently.

We completed on our house purchase a few weeks ago on 31/07, they took the first DD of a full month plus around £120 extra in interest  2 weeks later on 13/08.

I x

You want your payment to be on the 13th of every month?

Inituptomyeyes

I never requested our payment date to be the 13th.  I just looked at our mortgage offer and it does say that they take the first payment 14 days after they transfer the funds.  I was a bit surprised when I got the notification the payment was going to be taken so soon, I guess I missed that bit when I was reading through the offer!  It doesn’t matter what date anyway as the account is only used for DD’s and the money just sits there till it gets taken.

mortgagetakingages

Im confused that they charged interest and took payment so quick. My understanding is they will take it on the date you request and if its less than 14 days away they will take it next month but add interest for the additional days. 

hughes1497

I have a similar situation with Nationwide. 

Mortgage offer received today 17/08, due to complete by 21/08.

Mortgage offer states that mortgage will start on 1 September 2020 and I will need to make an initial payment including interest charged in the month of completion and the first full monthly payment. It also states that the monthly payment will be due on the 1st of every month.

Can anyone tell me when my first payment will be?

mortgagetakingages

So i assumed that would mean you pay on 1st October and you would pay additional interest for the days between 21/08 and 01/09 but.... im confused

watch3r

Barclays - completion 20/08
1st payment - 16/09 covers 09 and interest for 08 .
Each other payment on the 2nd so 2/10,
2/11 ... ( that date was chosen by me) .