First mortgage payment

slwj89

Hey all.

we are completing on Friday 😊😊

our mortgage payments are set for the 1st of every month, Iv read different things for first mortgage payments,  but genuinely that it’s a month later, so will ours be 1st November or 1st of December?

Ballymoney

It won’t be the 1st Nov. It’ll most likely be 1st Dec and it’ll be your usual monthly payment + the interest accrued from 28th Oct to 30th Nov.

kingstreet

slwj89 said:

Hey all.

we are completing on Friday 😊😊

our mortgage payments are set for the 1st of every month, Iv read different things for first mortgage payments,  but genuinely that it’s a month later, so will ours be 1st November or 1st of December?

That depends on the lender. Nationwide for example would take the first payment (November's regular payment plus accrued interest for October) about half way through November and the first regular payment on 1 December.

Others vary.

Halifax can be viewed here on pages 8 & 9;-

 https://www.halifax-intermediaries.co.uk/pdf/info-about-your-mortgage.pdf

Jonboy_1984

HSBC recently did as Ballymoney says, got a letter a couple of days after completion setting it all out.

kingstreet

Clearing banks collect in arrears.

Building societies and former building societies collect in advance. There is no "one size fits all" and you need to establish YOUR lender's approach not someone else's.