Mortgage transfer question?

Patchio123

We're hopefully moving house next month, we're transfering out current mortgage and upping it by about 50 grand. On the details it says with the first mortage payment they'll take a months interest (meaning the first payment would be almost double. Have never known this with a mortgage we tranferred a mortgage with Northern Rock onto a new house a few years ago and also when we began our mortgage with nationwide they didn't do this

To make it even more confusing one of there advisors told us its better if we move at the end of the month for this charge

Has anyone had any experience of this?

(Sorry my first post's a question :doh: )

Ian_Griffiths_Halifax

If you are looking at your Key Facts Illustration or your Mortgage Offer Letter and you are talking about the 'initial interest' then this is probably an indicative payment in that the lender wouldn't have time to set up the Direct Debit in time to take the payment on the 1st on Aug if you complete on the 1st Aug for example and so your first payment may be on 1st Sep and be for 2 months payment. You wouldn't have paid any payment in August and so allow for the double payment in September.

Who is your lender? Some charge in advance and some in arrears. If you are charged in advance as many do these days, then the above is probably the case.