Not necessarily the case, some banks run all their direct debits on one particular day of the month, which could mean that although you drawdown on the 5th of the month for example, your first repayment may go through on 1st of following month, so you will only pay interest from the 5th - 1st, so repayment might be smaller on first month. You should be issued with a re-payment letter detailing initial and ongoing payments. But you certainly do not pay 2 months in month 1!!
Yeh i had to ask about this too..had visions of all of november sitting in my lovely new apt freezin and eatin breadcrumbs cos i thought more than the mortgage would come out of my account as im closing next week!Make sure you ask your solicitor to confirm the date you want your first payment to come out!Was just wondering if the 1st months mortage is like the 1st months rent - i.e. one month & one in advance.
Just so as I can pass out peacefully if this is the case ..........
You should be issued with a re-payment letter detailing initial and ongoing payments.
When does this get issued/who issues it? I don't think this info came with my loan offer.
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