First mortgage payment date

kjl26

Hi - just a quick question as I've heard conflicting accounts from friends and relatives - after completion when will the first payment on the mortgage come out?

It's with Abbey and the direct debit date has been set for the 6th of the month - hopefully we complete on the 23rd September, so does that mean 6th October will be the first payment? Sorry if this is a stupid question, it's just that some friends didn't make their first payment till a good 6 weeks after completion (i.e. 6th November in our case).

Maybe it's a case of different companies, different rules? Or is there a standard?

asandwhen

I have my mortgage with the abbey - my completion date was 23/08/04 my direct debit date was 1st of the month - they took my first payment on 01/10/04 so yours will be in november but it will be a slightly higher ammount - they took 1 month plus the extra 8 days for the first payment then just took moneys on the 1st of the month from then on - hope this helps.

kjl26

Thanks very much - that's really helpful.

MarkyMarkD

I think that most lenders charge a month and a bit, over a month after completion, rather than charging a part-month. Apart from anything else, the DD regulations require them to give you quite a few days' notice of the first DD payment - so it wouldn't be done in time, normally, to take the payment straight away on the 1st due date.