Exchange and Mortgage Payments

[LondonSuperTrooper]

Hi all,
I'm hoping that someone can help me. We are due to exchange tomorrow and looking to complete in 4 weeks time.
I know that once we exchange we are legally bound to purchase the property, to have insurance and building insurance set up. But when are we expected to start paying for the mortgage? Is it at completion stage?

[Jaynebxl]

I think it may vary with the mortgage because we are in the process and I think we don't actually start paying till a fortnight after we move in.

[Jaynebxl]

I may have made that up though... There's a lot to take in, isn't there? Probably best to check with your mortgage provider.

[PatriciaHolm]

I think it depends on your payment date. For example, we pay on the 17th of the month, but completed on the 22nd December (yep, 3 days before Christmas..) so our first mortgage payment was 17jan but was 7 weeks worth of mortgage iyswim.

[ILikeBirds]

I expected ours to work that way but it didn't. We completed on the 12 th, first mortgage payment on the 29th but just normal monthly payment.

[DragonMamma]

You pay from completion.

We moved in on the first of this month and our first payment is on the 25th and is slightly higher to allow for interest accrued from the 1-25 as well as the normal monthly payment (is less than £30 more than what our repayments will be).

I even managed to juggle things (by previous payment dates and new payment dates) to go a whole payday without paying rent or mortgage. Which was nice as we have plenty of things to buy.