Good morning.

Please can someone advise when i would have to make my 1st repayment if i completed on the 24th of June for example?

I have the deposit etc all sorted - but after that nothing until the 28th - payday - at which point i could make approx 1.5 times my normal repayment amount - however i'm worrried they're going to try and take 2 months payments on the 1st - or 1 payment on the 24th and another on the 1st.

Please advise how these things work.

Bandito!!

The first payment will be a month later from the point the mortgage starts. The initial payment will be the first month's payment and a little bit more of interest, then subsequently the payments are for the same amount (if you're on a fix).

So they dont have set repayment dates on which they collect? for example the 14th and 1st?

I thought i'd maybe pay for just under half a month and a full month on the 1st, and then normal repayments from the 1st of the following month?

So they definately dont take a payment on day of completion?!

thanks

Bandito.

The repayment dates are ones that you would have negotiated with your lender, so you should know. Normally they take them out either in the middle (15th), or the 1st.

Definitely no payment on day of completion.

No completion date sorted yet so no repayment dates sorted. I just wondered if there was a set rule which most lenders followed......

Have you exchanged contracts yet?

Bandito...if you have asked for the payment date to be the 1st of the month the 1st payment will be one month later on the 1st with the 7 days interest added on, so the first payment will be slightly higher. You should have stated on the application form your preferred payment date??? The lender in all circumstances will write to you post completion and tell you what they are going to be taking as payment and when they will take it.

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Regards

Ian