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First mortgage payment
slwj89
Posts: 50 Forumite
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?
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?
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Comments
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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.1
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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.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?
Others vary.
Halifax can be viewed here on pages 8 & 9;-
https://www.halifax-intermediaries.co.uk/pdf/info-about-your-mortgage.pdfI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
HSBC recently did as Ballymoney says, got a letter a couple of days after completion setting it all out.0
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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.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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