When is your first mortgage payment due?

[Matt99man]

Say for example a completion date is this Friday for a new house purchase, when would the first mortgage payment be due. Would it be straight away for at the end of April? Thanks

[SuperDude]

Mine was a month after completion, giving me some spare cash to start buying bits and bobs.

All depends on the bank. Worth giving their mortgage dept a call (Natwest were very flexible with the start date)

[Matt99man]

This is with the halifax if that makes any difference :-)

[WhisperingWasp]

Matt99man said:

Say for example a completion date is this Friday for a new house purchase, when would the first mortgage payment be due. Would it be straight away for at the end of April? Thanks

Depends what date you have decided to make your monthly repayments... If you've opted for the 1st-monthly then you'll likely pay nothing in April but a larger payment (normal month + month & a bit interest) in May. If you've opted for the 20th for example you're likely to make your first payment on 20th April.

If that makes sense.

ETA just seen you mentioned "end of April" in which case, yes, your first payment is likely to be April.

[Sarnie]

The first payment will directly correlate between the date you complete and your specified payment date.

Your first payment will normally consist of your normally monthly payment plus the amount of days interest accrued from the date of completion to the specified completion date.

[Gareth79]

Also the paperwork should make it very clear - I remember mine had it listed and mentioning the basis of calculation.

[Sarnie]

Gareth79 said:

Also the paperwork should make it very clear - I remember mine had it listed and mentioning the basis of calculation.

Yep, it usually gets sent out well in advance of the payment but most people still worry about it even before the mortgage completes....

[Matt99man]

Makes sense, the first bill will be a month and a few days then. I was wondering if you pay it up front or after the first month