Nationwide- first mortgage payment

[SolemnlySwear2010]

We have just had our offer through from Nationwide for our first home, when I was looking through it the first payment was double the normal monthly cost due to interest etc.

Can anyone shed some light on how Nationwide payments normally work, I know their mortgage payments are normally due 1st of each month.

We are hoping to complete on 24th July, would our first payment then be 1st August (normal payment + interest from 24th July until 1st August) or 1st September (with interest from 24th July-1st August).

I am just trying to make sure we have enough set aside for the first payment plus any furniture etc we need for moving in

Thank you

Your first mortgage payment is taken a calendar month after you complete, and as the payment is due to go out on the 1st it will be taken on the 1st of September.

Most likely your first one will be a big double payment on the 1st September.
This will cover 1st August, 1st September, and then a little extra for the 24th July - 31st July.

So expect to pay your normal mortgage payment x2.25 (2 months and 1 week worth approx)
Eg If your normal mortgage repayment is £1200. Then do £1200 x 2.25 = £2700.

First payment will be a set amount of time after completion but after that you should be able to change it if you want. When we first got our mortgage with nationwide I changed it so it went out the day after payday

Can you put the furniture on a credit card, just to give you a few weeks breathing space until the bills settle down into a regular pattern?

Or just wait to buy anything unless it is absolutely essential?

There might not be a huge difference practically. If you pay on 1st August, it will be a smaller amount. But if you pay on 1st September, it will be a larger amount, but you won't have paid anything on 1st August, so should have some money spare, and you'll have your August salary to use too.

It's not just nationwide. It's standard for the first payment to be way more than a standard monthly payment.
It's pretty likely that the first payment will not be made until 1 September, so it will be over double a normal payment.

Thanks everyone - I will budget for worse case scenario and anything left over is a bonus.

Hi!

Could you please update on this? When did they charge you?
I've just bought a house too and our completion date is for the 29th of September and I'm still trying to understand how much the 1st payment will be and when.

Thanks for your help

Hi,

We completed on 26th July, and our first payment came out around 14th August which was made up of full month mortgage payment plus interest from 26th - 31st July.

Our 2nd payment then came out 1st September and this was the normal full months payment

All you need to do is call up your bank and ask then the payment that will be taken out- they can work this out for you to the penny.

its what we did and makes it easier to plan