1st payment

TIGASH

Please excuse my naivety 

I'm due to complete on my first house on the 22nd of March. When would my first payment on my mortgage be.

Also how does the lenders bank collect the money if I'm with another bank. 

Appreciate any advice, replies explanation 

Edi81

Payments are made via direct debit from your usual bank account. 

22nd may or may not be enough for them to have first payment on the first of the following month. 

TIGASH

Edi81 said:

Payments are made via direct debit from your usual bank account. 

22nd may or may not be enough for them to have first payment on the first of the following month. 

Thanks for answering..at what point do I set up the direct debit. Will nationwide send through the paperwork to do this

user1977

TIGASH said:

Edi81 said:

Payments are made via direct debit from your usual bank account. 

22nd may or may not be enough for them to have first payment on the first of the following month. 

Thanks for answering..at what point do I set up the direct debit. Will nationwide send through the paperwork to do this

Are you sure you haven't already given them the details as part of your application? Would seem odd for them to leave that out.

TIGASH

I went through a brooker so they would have my bank details on my statements I provided. 
Maybe I should check with them. 

[Deleted User]

direct debit will be set up automatically.  Nationwide will likely collect 1st payment midway through next month which will be a normal payment for the month plus the interest for 9 days of this month.  Then revert back to normal the following month

TIGASH

Deleted_User said:

direct debit will be set up automatically.  Nationwide will likely collect 1st payment midway through next month which will be a normal payment for the month plus the interest for 9 days of this month.  Then revert back to normal the following month

Thanks for your reply when u say "automatically" what do u mean. As a mortgage brooker do u put the bank details in for your clients or do I need to check with my brooker that she has done that. Thanks

[Deleted User]

Its done as part of thr initial application. Cant have a mortgage approved without the bank details already keyed

TIGASH

Deleted_User said:

Its done as part of thr initial application. Cant have a mortgage approved without the bank details already keyed

Thank you that is a relief to me....I appreciate it

getmore4less

Although excessive a simple approach is to budget a double 1st payment for the month of completion.

If any left over after the move drop it as an overpayment.