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First payment on Mortgage

5 replies

MrsTeaPlease · 14/07/2022 13:58

We should be moving in July, paying off current mortgage with the sale and new mortgage taken our on the new property.

It's been so long since we moved and even then we ported our mortgage so I cant remember how the first payment works? I know the first month we pay a bigger amount, £1600 rather than a £1000 or something like that.
What I'm wondering is when do we pay it?
Say we move the 9th of sept and our mortgage payment is due to come out the 15th of each month, do we pay the £1600 on the 15th of Sept or 15th of October?
Does anyone have any idea, I cant seem to make logic of it from the paperwork we have or the Internet!

Thanks in advance.

OP posts:
MrsTeaPlease · 14/07/2022 13:59

That should say, we should be moving in September 🙄

OP posts:
MrsTeaPlease · 14/07/2022 14:00

9th of sept it seems so far

OP posts:
greenacrylicpaint · 14/07/2022 14:10

we paid 6 weeks after completion for six weeks and mothly therafter.
tbh this is something to ask the mortgage advisor.
iirc we had the choice to pay the mortgage fees with the first couple of payments or to pay the fees over the whole term of the mortgage.

Nothappyatwork · 14/07/2022 16:45

Ours didnt set up the direct debit up for two months either so I just sent the six weeks payment initially by bank transfer and then four weeks later did the same again with what would be the regular mortgage payment which is quite handy because now I’ve got all the bank details setup and literally whatever is left in my account at the end of the month like over to them whether that’s a quid or 100

jiskoot · 14/07/2022 17:19

The first payment is usually due the month after completion. You can choose to pay any day during the month but it is technically due on the 1st. If you complete on the 9th August you will pay interest from the 9th until the end of August plus your normal mortgage payment the following month (on the 1st or whatever date you requested)

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