Your first payment will usually be bigger than your normal monthly mortgage payment because your normal payment just covers the month in which it's due. But a new mortgage often starts part way through a month.
If your mortgage started on 27 April for example, you wouldn’t make your first payment until May. So your May payment would need to cover the period from 27 to 30 April as well as the full payment for the whole of May – which is why it’s a bigger payment than normal.
May monthly payment Interest from 27 to 30 April Total first payment
£495.94 + £65.22 = £561.16
Interest is due from the date your loan is made to the month end and added to your balance immediately, once you have made your first payment this amount would be deducted from your balance.
When you completed your application, you specified which day of the month you want your mortgage payment to be collected – the date will therefore usually be the same each month. The only exceptions are:
1. If your mortgage completes towards the end of the month and the chosen payment date is less than 10 working days
afterwards, the first payment will be collected on the 10th of the month, and on the chosen payment date thereafter.
e.g. if completion is on the 28th, and the chosen payment date is the 1st, the first payment will be collected on the
10th and the 1st thereafter.
2. When your chosen date falls on a weekend or bank holiday, then your payment will be collected on the next working
day. However, if the next working day falls in the following month, your payment will be collected on the last working
day before your payment day instead.
Please note if a preferred payment date is not stated on the application, it will automatically default to the first of the month.
Yes, you can change your payment date by telephoning our Customer Services Helpline on 0845 603 1637.
