First mortgage payment?

Diabhay15

Hi all
we are due to be completing on our house very soon. 

On our mortgage offer from Halifax it states the regular monthly payments (£1933) but also states one payment of £3200 which I’m assuming is our first mortgage payment. 

I’ve got myself confused as to how they have come up with this figure as from what I’ve read it all depends on the date you complete to the date your first payment comes out as to what that first payment will be?
could someone please explain this to me? 

We have the £3200 for the payment I just want to understand how it’s calculated 
thanks 

flashg67

If it's like mine, initially it was just an estimate. The actual payment, including the extra interest came through a few days after completion. As you say it depends on your completion & payment date. I'm sure all will become clear after completion!

[Deleted User]

your offer will say somewhere 'this illustrations assumes you will complete on 1st February' (for example).  They pick a date to calculate from for illustrative purposes.  

https://www.halifax.co.uk/mortgages/first-time-buyer-guide/got-the-keys.html

It explains it on that link.   Balance*interest rate / 365 = daily interest amount.   Multiply by number of days between completion and end of month and you will get how much extra your payment will be

Diabhay15

Great, thank you both for your help!

kingstreet

Assuming completion on 1st always produces the highest amount of accrued interest, so the example is always a 'worst-case' scenario.