Mortgage Funds release

uzoma85

Hi all, Skipton just released my mortgage funds today. When I did the application initially; I opted to have the product fee added to the loan, so from £270,000 to £270,995. Today; I saw on my skipton app the total to be £271,983.28. I called Skipton and paid off the £995 product fee but below is what I see as balance. Does anyone know why that figure ontop of the £270,000 could be there? 

CSI_Yorkshire

Precalculated interest before your first payment?

uzoma85

Does it mean the first payment that they would take would be greater than the £1,346? I just want to ensure that it is there for them to take at the time. 

CSI_Yorkshire

Your paperwork should have told you what the first payment will be.  Sometimes it is bigger because it includes more than a month's interest - all depends on the timings.

uzoma85

I am yet to get the paperwork but thank you for the insight. Their payment is due every 1st, mortgage funds was released today. 

MWT

Looks like 29 days interest to me ....

housebuyer143

When I took out a mortgage with Skipton they didn't take any payment for the additional interest, so my payment was £500 on the 1st of the month and I completed on the 17th, they literally added the interest to my account but only took the agreed £500 on the 1st. The extra interest just stayed there 

You might find this is all the interest due as it's added on daily but they will still only charge you the agreed direct debit and just leave the additional interest on the account.