Accord Mortgage First Payment

Cammywatson033

Hi guys,

Wondering if anyone can help. We have a mortgage with Accord that will start when we move into our new build on the 29th of September. We’ve requested that our payments come out on the first of the month. Is anyone with Accord and knows when our first payment will come out our account, as in October or November? I phoned Accord there and was told that it would take 14 days to set up the direct debit so we will have a mortgage payment middle of October and then again starting from the 1st of November. The person on the phone didn’t sound to certain when I questioned this so just looking for further help. I always thought 1st mortgage payment came out 30 days after completion date. Can they take a full months mortgage payment 14 days after completion?

Thanks for your help 

TheJP

Your mortgage illustration should tell you when the first payment will come out and how much it will be (1st payment is usually more than other months due to interest added).

Postik

Cammywatson033 said:

I phoned Accord there and was told that it would take 14 days to set up the direct debit so we will have a mortgage payment middle of October and then again starting from the 1st of November.

What you've been told sounds correct.  I completed on the 2nd December and had a payment taken on 14th December and then another on 3rd January (the 1st and 2nd of January were the weekend / public holidays so direct debits setup for the 1st of the month are delayed until the next working day).

I think interest is calculated daily and both payments will also be going towards the capital so you're not any worse off.

kingstreet

Building societies typically collect in advance; so a first payment mid-October with regular payment 1st November sounds right.

Cammywatson033

Thanks guys