Mortgage Advice!

I'm due to move into my new property around the 2nd of December. Due to the schedule of my salary payments it would be best for my mortgage payment to come out of my account on the 16th of the month.

Does anyone know if this is possible? Would that then mean my first payment is December 16th, January 16th, or something else?

Any advice would be awesome thanks.

11 Comments

dcx_badass

Ask the bank. How can we possibly answer you when you've not even said … Ask the bank. How can we possibly answer you when you've not even said who the mortgage is with.Please get some common sense.I'd advise against you getting a mortgage or even living without adult supervision.



X)

I cant remember much about first payment date etc
BUT your first payment will be 1.5 to 2.0 times normal payment.

So if mortgage quote for a month is £500.00 will prob be £750.00 to £1000.00 the first month
Was a bit shocked myself.

Original Poster

dcx_badass3 people like this

Ask the bank. How can we possibly answer you when you've not even said … Ask the bank. How can we possibly answer you when you've not even said who the mortgage is with.Please get some common sense.I'd advise against you getting a mortgage or even living without adult supervision.



Really helpful thanks. Its with Halifax, and I've already sent an email to my mortgage advisor asking this, but I thought I would check out here to see if anyone had anything to say.

As ever I should have thought twice before visiting HUKD, as about 50% of its population are trolls
Edited by: "carmichaelj" 20th Oct 2010

Original Poster

bigwheels

I cant remember much about first payment date etcBUT your first payment … I cant remember much about first payment date etcBUT your first payment will be 1.5 to 2.0 times normal payment.So if mortgage quote for a month is £500.00 will prob be £750.00 to £1000.00 the first monthWas a bit shocked myself.



Yea my first payment is supposed to be about 30% higher. The reason why I know what the first payment is, but not WHEN the first payment is, is that the property is still in build phase and we only have a provisional entry date, but the mortgage offer is good till january.

Banned

when you take out the mortgage and sign everything it will ask/tell you when your payment will be taken

carmichaelj

Really helpful thanks. Its with Halifax, and I've already sent an email … Really helpful thanks. Its with Halifax, and I've already sent an email to my mortgage advisor asking this, but I thought I would check out here to see if anyone had anything to say.As ever I should have thought twice before visiting HUKD, as about 50% of its population are trolls



com'on ffs, its your mortgage ask the lenders who will have the info, access to you details, account etc etc, use your head mate
Edited by: "Alfonse" 20th Oct 2010

Banned

carmichaelj

Really helpful thanks. Its with Halifax, and I've already sent an email … Really helpful thanks. Its with Halifax, and I've already sent an email to my mortgage advisor asking this, but I thought I would check out here to see if anyone had anything to say.As ever I should have thought twice before visiting HUKD, as about 50% of its population are trolls



It's no good emailing these places, just get on the phone and ask them direct... instant answer for you then.

I remember when we paid our first payment it was almost 2 months in one go as we opted to pay it on the 1st of the month which was only just after the mortgage started. I'm sure the bank said that they could not take a payment until at least 4 weeks after the start of the mortgage.

Banned

tough call

ask strangers on a shopping forum [ ]

ring the mortgage company [x]

Banned

Sassie your benefit status is coming into question. As you are bang on with regards to them telling you when your first payment will be taken. OP needs to read their paperwork.

The mortgage company I used to work for, and the company I have my current mortgage with worked it out as follows:

It is 1 months up front payment, plus any interest (and capital if on a replayment mortgage) that would be due from the date of release of funds up until the 1st payment date. So, if you complete on the 1st of the month and your payment date is the 1st of each month they will not take a payment until the 1st of the month after you complete, but this will be equal to 2 months payments; the payment from the date the funds were released until 1st payment day, and the month in advance payment. Similarly, if you complete in the middle of the month the payment will be 1.5 times your normal monthly payment
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