First mortgage payment (Halifax)

Dk1989

I’m due to move into our new home tomorrow. Bank transferred the money over today and we got a text to say that the first mortgage payment will be taken in 6 days time on the 1st march. I was shocked as I thought we had until the first of April. I can’t get a hold of my mortgage broker today. Is this normal enough? Will be In the house five days and have to pay over £1000.

Typhoon2000

The ‘Information About You Mortgage’ that comes with your Halifax offer letter explains how your first payment due is calculated. It depends on when funds are released and the day of the month you chose as the preferred payment date. From the booklet example what you have said appears to be correct.

JMA74

You pay in advance for the month. So your payment in March will be for the 5 days in Feb and the whole month of March.  

HampshireH

Yep happened to us. I wasn't expecting it either

kingstreet

Typhoon2000 said:

The ‘Information About You Mortgage’ that comes with your Halifax offer letter explains how your first payment due is calculated. It depends on when funds are released and the day of the month you chose as the preferred payment date. From the booklet example what you have said appears to be correct.

Copy here;-

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

kingstreet

HampshireH said:

Yep happened to us. I wasn't expecting it either

No-one explained accrued interest and lenders who collect in advance?

RelievedSheff

HampshireH said:

Yep happened to us. I wasn't expecting it either

That sounds rather odd.

With the paperwork that we received when we remortgaged to the Halifax there was a section which highlighted when our first repayment would be and that it was a higher payment amount.

We also received a letter through the post confirming it separately.