First mortgage payment help!

16Carriages

Hi 

My sellers solicitor has been really slow and we have only just got the LPE1 for the property that I'm buying, there's also some outstanding enquiries about gas, electric and windows. 

Unfortunately, the property needs quite a bit of work doing  to it and I haven't  budgeted for a large first mortgage payment (London rent is expensive)

I was hoping to complete for the end of this month, but it increasingly just looks unlikely, I can't complete in December early as I'm away on a work trip abroad and then I'm away abroad for Christmas with my family. I was hoping to complete on the 27th or 30th of December but then realise most places will be closed so this doesn't seem realistic. 

But if I complete mid month, I'm looking at an extra  £3k on top of my usual mortgage payment (£1,350) 

Any tips or tricks would be greatly appreciated as I'm not sure what to do.


Is there a calculation I can do to play around with different dates?

Hoenir

What are your vendor's plans? Completion dates are often ultimately a matter of compromise between all parties involved. 

16Carriages

Hoenir said:

What are your vendor's plans? Completion dates are often ultimately a matter of compromise between all parties involved. 

The vendor has caused the delays tbh.

do you know how I calculate the daily interest? 

kingstreet

Mortgage amount x mortgage rate = annual interest / 365 = daily interest.

EG £150,000 x 4.5% = £6,750 / 365 = £18.49 per day.

Hoenir

16Carriages said:

Hoenir said:

What are your vendor's plans? Completion dates are often ultimately a matter of compromise between all parties involved. 

The vendor has caused the delays tbh.

The LPE1 has nothing to do with the vendor. That information is provided by external third parties. 

16Carriages

Hoenir said:

16Carriages said:

Hoenir said:

What are your vendor's plans? Completion dates are often ultimately a matter of compromise between all parties involved. 

The vendor has caused the delays tbh.

The LPE1 has nothing to do with the vendor. That information is provided by external third parties. 

The seller solicitors did cause a delay with the LPE1 as we've been under offer since June and they only ordered beginning of October rather than ordering earlier...

16Carriages

kingstreet said:

Mortgage amount x mortgage rate = annual interest / 365 = daily interest.

EG £150,000 x 4.5% = £6,750 / 365 = £18.49 per day.

Thanks my daily rate according to this is 3,672.99 which is astronomical 

TheSpectator

16Carriages said:

kingstreet said:

Mortgage amount x mortgage rate = annual interest / 365 = daily interest.

EG £150,000 x 4.5% = £6,750 / 365 = £18.49 per day.

Thanks my daily rate according to this is 3,672.99 which is astronomical 

And must be wrong. What is your mortgage amount and rate?

16Carriages

TheSpectator said:

16Carriages said:

kingstreet said:

Mortgage amount x mortgage rate = annual interest / 365 = daily interest.

EG £150,000 x 4.5% = £6,750 / 365 = £18.49 per day.

Thanks my daily rate according to this is 3,672.99 which is astronomical 

And must be wrong. What is your mortgage amount and rate?

After deposit £266,000 and 5.04%

housebuyer143

16Carriages said:

TheSpectator said:

16Carriages said:

kingstreet said:

Mortgage amount x mortgage rate = annual interest / 365 = daily interest.

EG £150,000 x 4.5% = £6,750 / 365 = £18.49 per day.

Thanks my daily rate according to this is 3,672.99 which is astronomical 

And must be wrong. What is your mortgage amount and rate?

After deposit £266,000 and 5.04%

£37.09 a day.

16Carriages

housebuyer143 said:

16Carriages said:

TheSpectator said:

16Carriages said:

kingstreet said:

Mortgage amount x mortgage rate = annual interest / 365 = daily interest.

EG £150,000 x 4.5% = £6,750 / 365 = £18.49 per day.

Thanks my daily rate according to this is 3,672.99 which is astronomical 

And must be wrong. What is your mortgage amount and rate?

After deposit £266,000 and 5.04%

£37.09 a day.

How did you get that?