Hi all, Just a very quick and simple mortgage question ... When is the first repayment 'normally' due ?? a calander month after you draw down on the mortgage, the 1st of the next month, immediately.. ?? Chances are this may change depending on the lender - but is there a usual practise ?? If anyone know the specifics of a northern rock 'Together' mortgage, then even better !
very easy mortgage question....
Jul 22, 2003
3 Replies
The official line is that you will pay on the 7th of the month after you complete.
With a together mortgage the unsecured amount is under the consumer credit act which means the unsecured payment cannot come out until at least 30 days after the completion date.
So if the 7th of the following month comes about before 30 days you will just pay the secured mortgage, and make a full payment the following month. All subsequent payments come out on the 1st of the month.
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