First mortage payments...WHEN??

[granarybeck]

Probably silly question but I am really confusing myself. Have sold our house and are in rented house waiting to buy. Now we've found a house and applied for a mortgage.

When we move into new house, do you pay the first mortgage payment straight away or any time in the first month? I've done this before but seemed easier to coordinate one mortgage to another. I'm just panicking at having to pay rent and new mortgage for at least a month.

Anybody know the answer??

Thanks.

have u set up a DD payment date yet for next month? as if yes thats your first mortgage pymt

Not got to that stage yet Biglips. Just applied, but the vendor wants to complete in 6 weeks so am just trying to prepare and budget a bit (don't know what with!).

oops!...didnt read it properly...

once you move into a new house, you call the mortgage pymt company to set up a dd payment date for the mortgage to be paid NEXT month.. hth

Oh that does help thanks. We've been renting for a few months and I think I'd got into that mindset that I'd have to pay the day we move in, then panicking that we won't have the money at the right time.

youre welcome x

ok i moved into my house 28 July 2006

i arranged for my mortgage to be paid on the 5th of the month

1st payment wasb 5th August 2006...

it was the normal monthhly payment + 8 days extra interest (cause you pay your mortgage in advance of the month sort of thing,) therefor 1 payed 5th August to cover 5th August - 4th september (as normal) + 28 july - 4th august.

the 5th spetember payment covers 5the spetember - 4 october etc

Thanks NannyL. If you're still around, could you have picked any day in August then?

yes i could ahve picked any date of each month for the payment to come ouut...

i chose the 5th cause its at the bginning of the month, and should i have a problem being paid there are still a few days to sort it out before i would have been over drawn. i like to have evreything leave my account at the beginning so i know what ive got left to spend!

could have chosen any date between 1 and 28!

That was for Cheltenham and gloucester.

if id have chosen the 27th of the month my 1st payment would have been on 27th August 2006... i would paid my normal monthly payment + a whole month of interest only!

what a bit of luck i didnt move house a week later!

Thanks NannyL, I think we'll have to work out which is cheaper, paying an rent and a mortgage payment in the same month (well,out of same month's pay) and a few weeks interest added on to first payment. Thanks though, you explained it really well