First Mortgage Payment

doelani

We are due to remortgage on 2 May, last payment on current mortgage is 28th April. Just wondering when do you normally pay first payment on new mortgage? Am I right in thinking Mortgage payments are taken in arrears?

I would like to keep paying on 28th so was hoping once we get all the paperwork through. I take it they will inform me date first payment is due?

Tiddler_2

It varies from company to company.
Most will charge you an interest only payment for the first month or part month (so would pay interest from 2nd May til 31st May) with the first full payment due for June. Often the 2 payments are collected together, but sometimes the first payment is collected 14 days after completion.

The lender will write to give you notice of how/when they will collect.

Remember that if interest is charged on a daily basis, you will pay less in interest if you pay on the 1st of the month, compared with paying on the 28th.

If you say who the new mortgage is with someone may be able to be more specific.