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Property/DIY

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Original poster

Exchange and Mortgage Payments

10 replies

LondonSuperTrooper · 19/03/2013 21:14

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?

OP posts:

Gingerandproud · 19/03/2013 21:20

I'm sure you dont pay to the completion because until then the house is not legally yours.

We didn't pay until we had completed. Congrats on your new house!

Original poster

LondonSuperTrooper · 19/03/2013 21:33

Thanks for your reply Ginger. I guess I was asking as someone said that we didn't have to pay till 1 month after completion.

OP posts:

ILikeBirds · 19/03/2013 21:34

Our first mortgage payment came out of our account 2 weeks after completion. It was a nice surprise as I was expecting to have a couple of weeks where we were still paying rent and having to pay the mortgage as well.

Original poster

LondonSuperTrooper · 19/03/2013 21:58

That sounds good! The new house needs a bit if work doing to it prior to us moving in. I was panicking about paying rent and the mortgage .... So any delays in paying the first mortgage payments sounds great to me :)

OP posts:

Gingerandproud · 20/03/2013 22:26

Ah I see, we lived here just over a month until the first payment came out! A lot depends on when you move in and the date you have asked for your mortgage to be taken out.

Original poster

LondonSuperTrooper · 21/03/2013 10:10

Thanks Ginger. I'll try and speak to the mortgage provider to find out when the first payment will be taken.

OP posts:

fuckwittery · 21/03/2013 10:12

This reply has been deleted

Message withdrawn at poster's request.

Original poster

LondonSuperTrooper · 21/03/2013 11:39

Thanks Wittery, I'll ask them about that too.

OP posts:

PogoBob · 21/03/2013 11:48

We completed on the 18 Jan, we had to make an immediate payment of a couple of hundred pounds to cover the interest for the period 18 Jan to 1 Feb and then the first mortgage payment came out on the 1 Feb.

Not all mortgage companies do this, we didn't have to pay anything for 6 weeks after completing on our previous house as completion was to close to the next payment date IYSWIM.

Original poster

LondonSuperTrooper · 21/03/2013 19:57

Thanks for all of your replies. I rang my mortgage provider and they will be taking my mortgage payments 28 days after completion :)

I can also change the date in which I pay my mortgage but only after the second payments - happy days.

OP posts:

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