when is your first mortgage payment due after completion

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Best Answer: There is no set time. The first payment falls due on the date stated in the mortgage deed. Your solicitor should explain this to you before arranging to complete the purchase – that way, there are no nasty surprises coming.

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First Mortgage Payment Due Date Once your new mortgage has started, you can apply for a refund of the early repayment charge. Taking your product rate to a new mortgage, page 20 Your first monthly payment We’ll collect your first payment by direct debit in the month after your mortgage starts. The first payment is usually higher than the rest of your monthly payments.

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You may get more time than you think to make your first mortgage payment after the closing. You would think it would be due the 1 st of the month following your closing, but it’s usually not. Luckily, you get an entire month before you have to make that first payment.

Home Blog Uncategorized Your First mortgage payment explained It can be confusing when taking out a mortgage, to know exactly how it works and when your payments are due. It is first important to understand that a mortgage is a type of amortisation.

Your first mortgage payment is typically due at the beginning of the first full month after closing and every month thereafter, and interest accrues on your principal balance. Mortgage interest is paid after it’s accumulated, not before.

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After completion and before the first payment date the lender will write to you and tell you how much the first payment will be. So, if you complete today (15th) , and your payment is due on 5th of next month, on the 5th you will pay your regular monthly payment (i.e. for November) plus the pro-rata amount for the days in October after completion.

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