First mortgage payment

Myci85

Me and my family are currently in the process of buying our first house, and so will be hopefully moving out of rental into our own home. 

I'm trying to figure out the logistics, and one thing I'm wanting to confirm is when your first mortgage payment is due when buying. We pay our rent at the start of the month, am I right in thinking your first mortgage payment is due at least a month after moving in (more if completion is mid month)? We would like to plan it so we have a month's crossover to allow for any delays, moving stuff, and time to clean rental ready to hand back etc, but trying to work out if we'd need to effectively pay rent and mortgage for that month, on top of solicitors fees etc, or if the mortgage payments would start later?

Emily_Joy

Myci85 said:

Me and my family are currently in the process of buying our first house, and so will be hopefully moving out of rental into our own home. 

I'm trying to figure out the logistics, and one thing I'm wanting to confirm is when your first mortgage payment is due when buying. We pay our rent at the start of the month, am I right in thinking your first mortgage payment is due at least a month after moving in (more if completion is mid month)? We would like to plan it so we have a month's crossover to allow for any delays, moving stuff, and time to clean rental ready to hand back etc, but trying to work out if we'd need to effectively pay rent and mortgage for that month, on top of solicitors fees etc, or if the mortgage payments would start later?

Your mortgage offer should state when the payments will start. We are with Halifax, completed on 25th of September and the first mortgage payment went on 15th of October. 

chanz4

myn was 2 weeks after completion

theartfullodger

Different lenders, different processes.  Who'd of guessed!

Myci85

Thank you, that's why it's good to ask people's experiences I guess, as Google searches would have you believe you pay nothing until the start of the month having completed at least 30 days before. 

We haven't got to the stage of mortgage offer yet, so will wait and see what that says. 

RelievedSheff

Your mortgage offer will tell you all the details you need to know.

We completed (with the Halifax) middle of the month and our first mortgage payment was on the 1st of the following month which included the additional interest accrued over the part month.

user1977

Myci85 said:

Thank you, that's why it's good to ask people's experiences I guess, as Google searches would have you believe you pay nothing until the start of the month having completed at least 30 days before. 

I would say it's more likely to have a longer period than a shorter one - it takes a while for the lender to know that the mortgage completed and set up the direct debit. So it will largely depend on what day of the month you complete versus your repayment date.

kingstreet

Emily_Joy said:

Myci85 said:

Me and my family are currently in the process of buying our first house, and so will be hopefully moving out of rental into our own home. 

I'm trying to figure out the logistics, and one thing I'm wanting to confirm is when your first mortgage payment is due when buying. We pay our rent at the start of the month, am I right in thinking your first mortgage payment is due at least a month after moving in (more if completion is mid month)? We would like to plan it so we have a month's crossover to allow for any delays, moving stuff, and time to clean rental ready to hand back etc, but trying to work out if we'd need to effectively pay rent and mortgage for that month, on top of solicitors fees etc, or if the mortgage payments would start later?

Your mortgage offer should state when the payments will start. We are with Halifax, completed on 25th of September and the first mortgage payment went on 15th of October. 

They don't. The completion date usually determines the amount and timing of first payment. The best you'll get is an assumed start of first of a month and that examples the worst possible first payment with no date.