Simple Mortgage question (I think)

[P-Jay]

Our FTB mortgage deals ends at the end of this month, we're switching providers.

We exchange on the 1st of March, any idea when we'll make our first repayment? Solicitor and Mortgage broker don't seem to know for sure, Broker seems to think it will be the 1st of April, meaning we'd have a month between payments, but obvs we'd have to pay 'double interest' on that first payment.

[Sarnie]

Tell your broker to speak to the lender.....

[Dave350]

From my very limited experience, if I completed e.g. Early/Mid month of say Jan. First payment would've been some point in Mid/End Feb, you can then ask the payment to be adjusted to 28th of the month to align with pay days. As that means you'll basically have gone two months without paying, I've previously paid a double dosage of interest and one bit of capital. So first payment was say 150% of the usual monthly payment.

Mortgage company can advise as that's who I asked previously.

[RichardAP]

We moved to a new lender on the 1st Feb, first monthly payment is 1st March and is only a few £s different to the ongoing monthly payment.

This was confirmed by the new lender sending us our DD schedule a few days after completion, so hopefully you are in for a pleasant surprise. in reality the saved payment is being spread over the new mortgage.

[mikey_b]

Depends on the lender. We moved to Atom at the beginning of last year (completed around 12th Jan), the final payment to the previous provider was taken as normal on 10th December, but first repayment to Atom wasn't taken until 10th March. So a nice two months with no mortgage payment at all!