When will my first mortgage payment be due?

Davey_2

Hi all

On wednesday next week I will be picking up the keys to my very first house. Just wondering when my first mortgage payment will be due? Will they take a payment on Wednesday or will it be taken a month after, or does it depend on the mortgage lender. My lender is the Bank of Ireland.

Many thanks in advance

green1970

The best thing to do is ring them and ask, Davey.

Usually what happens is that you are charged just interest from the day you complete until the end of that month. Your first full monthly payment is usually then collected on whichever day of the month you have selected, with the additional interest added on.

For instance, if you completed on 14 March and you'd selected your normal monthly payment to go out on the 10th of every month, your first payment would be collected on 10 April and would consist of a full monthly mortgage payment plus the interest due from 14 March to 31 March.

Your lender may do things differently though so ring them and find out for sure. If you haven't already selected a payment day of the month convenient to you, this will also give you the opportunity to organise this.