Q: Hello all, here I am FTB nearlythere to purchase a home, but I was wondering if someone with more knowledge can give me advice on the best date to be inserted and exchange? Friends and family tell me it is best to complete at the beginning of the month if an impact on how the interest on the mortgage is calculated. Is this correct? I have a repayment mortgage that is fixed, Thanks

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A:If you move in the 1st of June, when do you pay your first payment?

Is it the 1st July?

Its been so long that I have forgotten

Nope.

Your solicitor would want the money 2 days before hand so you would be paying on 28th June. (Due to February)

Therefore if you move in on 5th June you would be paying on 1st July. (Due to the weekend.)

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A:If you move in the 1st of June, when do you pay your first payment?

Is it the 1st July?

Its been so long that I have forgotten

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A:I exchanged on my house on the first of the month and whilst the above is true about it not making any difference to the overall cost you pay, it is difficult to find a months mortgage the day you move into the house. As long as you budget for this though all would be ok.

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A:No, the interest is calculated exactly the same irellivent of when you complete.

All that would happen if you complete in the middle of a month is that you may find your first mortgage payment being for the remainder of that month plus the whole following month.

After this initial payment all will be normal. You are not financially out of pocket as you only pay for the time you have the mortgage.

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