Cost of withdrawing mortgage early

aoleks

Hi all,

We have a mortgage offer in place, everything is ready for exchange/completion, I'm just looking at my notice period. It is very likely we won't be able to leave until the next rental period ends, let's say 4 November (that is a full rental period's notice from now or 4 October).

We don't want to waste time and we'd like to exchange/complete asap. We've already calculated that we'll pay a full month of rent regardless, so we're looking at moving within 2-3 weeks, despite the rent being paid until November. What will the cost of my first mortgage payment be if I withdraw the money "early"? Payment date is on the 1st.

£400k at 2.00%, btw.

Thanks

getmore4less

Simple solution is to cash flow 2 full payments as the first payment  and any left over once finances settle overpay.

One months interest is around £670,  + a full payment in the cash flow would probably do the job