First mortgage payment

[newhousenewhomex]

My heads gone to mash. Can someone just confirm this for me? Am I right in thinking that if we complete in September then the first payment will go out in October? DP seems to think that we won't pay until November including interest (which we knew) so effectively paying for 6 weeks, not 4. This is what it saids on the documents... to me it sounds like it will be the next month from completion but we can't agree as usual 🙈

Where your Mortgage is completed before the 16th of the Month your first Monthly Payment will be due on the first day of the Month following completion.

Where your Mortgage is completed on or after the 16th of the Month your first Monthly Payment will be due on the 15th of the Month following completion.

Your first Monthly Payment will include accrued Interest from the date of completion

If you complete in Sept your first payment will be October, made up from a full contractual month payment as normal which is October payment, plus interest accrued from the completion date to the end of Sept - that's usually how it works x

Yea I read that as if for example you complete on 15th September, your first payment would be due on 1st October

Thank you both - you've confirmed what I thought but I was doubting myself after what DP said!

Yes that’s my understanding too. We will hopefully complete next month on 13th September and then our first payment will be 1st October for that month plus the interest from the days from completion in September. My mortgage broker told me that your first payment is always more because of this, then you start paying at the normal rate the following month.

I completed on 25th ug, 1sr payment came out in Sept.

It reads ,like they have 2 payment dates.
If you complete on the 1-16 September, you will pay (a larger than normal) payment on the 1 Oct.
If you complete on the 17- 30 Sept you will pay (a larger than normal) payment on the 15 Oct.