We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First mortgage payment - how to keep it down?!
Options
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
We’ve just received our mortgage offer which states our first payment could be as much as practically double what our agreed monthly payment is which has come as a bit of a shock and now panic as with all the costs of moving etc we literally wouldn’t have that much spare cash to make the first payment 🥴
now I’m aware that this is based on interest being added to the payment, in the case it would be based on funds being released on 1st of the month so a full month of interest ontop of a monthly payment. Is there a specific day that would mean we could pay minimal interest? For example if we completed at the end of a month the funds would be released approx 5 days prior and therefore only paying 5 days of interest and the monthly payment rather than 30 days of interest?
now I’m aware that this is based on interest being added to the payment, in the case it would be based on funds being released on 1st of the month so a full month of interest ontop of a monthly payment. Is there a specific day that would mean we could pay minimal interest? For example if we completed at the end of a month the funds would be released approx 5 days prior and therefore only paying 5 days of interest and the monthly payment rather than 30 days of interest?
My brain in scrambled and the mortgage fella is on his holidays until 15th April.
HELP!
HELP!
0
Comments
-
Dealt with here;-
https://forums.moneysavingexpert.com/discussion/6518841/help-first-mortgage-payment-disaster#latest
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.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards