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Mortgage Interest Calculation
TechM89
Posts: 21 Forumite
Hi all!
I know you pay your first months mortgage payment plus interest but I was wondering at what point the mortgage companies (specifically Halifax) start that interest?
Is the date the solicitor requests the monies or the actual completion date?
Also, we are hoping to complete on 30th August, and we chose our monthly payment date as the 11th of each month - - am I correct in thinking that they take the first payment the month after, so would
be 11th October?
thank you in advance
I know you pay your first months mortgage payment plus interest but I was wondering at what point the mortgage companies (specifically Halifax) start that interest?
Is the date the solicitor requests the monies or the actual completion date?
Also, we are hoping to complete on 30th August, and we chose our monthly payment date as the 11th of each month - - am I correct in thinking that they take the first payment the month after, so would
be 11th October?
thank you in advance
0
Comments
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As far as I know, it's from the moment that the money leaves the lender's account.1
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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.1
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