Mortgage payments

Thommo18

Hi.

The sale of my house and purchase of my new house are both set for 14th February, and I’m wondering when the final payment for my current home will be taken, and also when the new one will taken.

I have asked RBS but yet to hear back. My mortgage payment is set to the 1st of each month, and with being in my current property until the 14th, would this also change the amount of my final and first mortgage payment? 

Thanks 

ACG

They will take the February payment as normal. When your solicitor requests a redemption figure it will correct itself out. 

As for the new mortgage, it depends on the lender. They will send you a letter within a few days of completion to confirm how much the first payment will be and when it will go out. 

eschaton

A long time since my last house purchase, but I moved mid August and my first payment was on 1st October for the standard amount. Last payment on previous mortgage on 1st August but as already said, that sorts itself upon redemption. 

I did expect it to start on 1st September. It seemed like a nice bonus at the time but the reality was that I paid interest on that payment saved for the next 19 years