Before anyone says 'best talk to you mortgage lender', this is more just to get it off my mind and some excellent MSE advice ;)
Let me put it into bullet point,
Monthly mortgage payment: £700
Next Mortgage Payment Date: 7th April
We are looking to exchange contract on the 27th March but...how much will our mortgage lender want for the time between the exchange and first payment and how will they calculate it?
Of course we do not want excitement to get the best of us (our first house) and launch into the exchange and then have a hefty first bill.
If i understand correctly a mortgage is paid a month in arrears so my guess would be, we would pay from 27th to 7th at maybe a 'calculated daily rate'. Then the 7th May would be our first 1 month payment?
Thanks everyone!!! :D:D
Let me put it into bullet point,
Monthly mortgage payment: £700
Next Mortgage Payment Date: 7th April
We are looking to exchange contract on the 27th March but...how much will our mortgage lender want for the time between the exchange and first payment and how will they calculate it?
Of course we do not want excitement to get the best of us (our first house) and launch into the exchange and then have a hefty first bill.
If i understand correctly a mortgage is paid a month in arrears so my guess would be, we would pay from 27th to 7th at maybe a 'calculated daily rate'. Then the 7th May would be our first 1 month payment?
Thanks everyone!!! :D:D