When is First payment due

[canman]

Hi,

We have signed contract and will be snagging our house tomorrow, 13th May. Our solicitor informed us that they are now asking to draw down the cheque as they have received the letter from the developers solicitors stating that the house is now complete.

It does state in a previous thread that you must close the sale within 14 days( or is 10 working days) once the snag has been completed. The snag should be completed within the next week as all houses so far in the development have had only small cosmetic snags that are fixed very quickly. Therefore, we can assume that this will be probably be before next Friday 20th May.

Can anyone advise as to when to sign after that? We would like to avoid paying our first mortgage payment till July or the towards the end of June after payday so we can use May's paycheck to pay for a few things? We are getting our Mortgage with Permanent TSB.
Is there anyway to do this?

Can anyone confirm when does first mortgage payment leave your bank account with the Permanent TSB?

 

[Unregistered]

I think with PTSb the date of your first repayment is exactly one month after the cheque issues so if you drawdown on 20th may your first repayment would be the 20th june.........i could be wrong so feel free to correct me!!

 

[stobear]

I am not sure about this (but about to find out) but cannot you not ask the bank to wait until a date suitable to a salary payment? So depending on the drawdown you might have 2 weeks or 5 or 6 weeks to the mortgage payment, a call to the bank would tell you for sure though

 

[CCOVICH]

Generally payments come out on the last working day/first working day of the month. Your first payment will be calculated from the date of issue of the cheque to the last/first working day etc., i.e. you won't necessarily pay an entire month.


You may have the option of requesting a specific date. Ask them-they can only say no! I don't know how this would affect your interest payments though?