When is first mortgage payment due.

[Toddlerteaplease]

Completing on 1st August. And expected to make the first mortgage payment on that day. But have just been informed that mortgages are paid in arrears, so payment won't be due till 1st September. Is this correct? Not yet had anything from the solicitor detailing it.

I got a payment schedule from my lender with dates and amounts on for the first 12 months, was also able to set the date I wanted payments to come out on.

Ask your lender.

Check your copy of mortgage contract.

It will be on the day of the month you chose, between 1 and 31 days from the date of completion. If the completion day is the same as the payment day then yes it will be a month later. If you moved on 30th September your first payment would be next day 1st October, but there can't be zero days between loan and first payment.

Your first payment is almost always more than a month though depending on the date you chose the DD to take place and the date you completed.

@Scholesfan when did you get that schedule?

Your first payment is always more than a month form your move in date. So yes 1st September sounds about right.

For example we moved in 29th May but didn't get first mortgage payment until 1st July

Your mortgage offer will outline the first payment and how it works.

You’ll likely to be charged an interest only Payment so many days after completion and then your monthly payments will start. Check your mortgage offer

Sound about right

You'll get a statement after you complete. NatWest interestingly don't charge the interest, the first payment was just the following month the normal pavement. Nationwide charged the interest from the day of completion so was a bigger payment. Best bet is to save the money you would expect to pay on Aug 1st.