6 weeks before first mortgage payment

renton_sickboy

Hey all,
got a new Offset Mortgage from IF last month, the balance owed appeared in our account mid November, then got a letter stating first payment would come out of our IF current account on Jan 1st 2008. Thought nothing off it until today when I realisied I'll be paying interest for 6 weeks on the full amount rather than the 2 weeks if a payment had come out on Dec 1st.

Is it normal for it to take 6 weeks for the first mortgage payment to come out? Why so long?

Thanks
R_S

davetrousers

Yes it is normal, your first mortgage payment is a big one as it depends on when you move in and when payments are made.

Kaz2904

But if you want to avoid paying interest for that time then just leave your wages in there so that you have effectively made the payment already. Surely the whole point of an offset mortgage is that you decide when and how much you pay (other than the minimum)?

amazamum

Hi,we are in the same position,started an offset mortgage start of november but first payment comes out 26th of december(christmas eve more like it lol).
The first payment is nearly double what the normal monthly payment is,but we will have had 2 months of not paying the mortgage and 2 pay days since so I have just put the payments into the savings account that offsets the mortgage and we have saved 28 pounds in interest in that time.