First payment of new mortgage

Meself

Hi .. can anyone advise on the above. Say mortgage is drawn down on 1st Sept, is the first payment on 1st Sept or 1st Oct.

I'm not that far along in the process so just thinking ahead.

Thanks

seamus

It'll be whatever day you've chosen after you draw down. If you draw down on 1st Sept, the first payment won't be until the 1st October.

I wouldn't try to aim to give yourself as much space as possible between draw down and the first payment. E.g. If your closing date is projected to be 15th September and you tell the bank your repayment date will be the 14th of the month. You're not really gaining anything, and you'll be left with an annoying day that your mortgage comes out.

MrStuffins

Also depends on the bank.

I'm with KBC and drew down on the 27th July.

KBC take payments on the 1st of every month so our first payment date will be, according to a letter they sent us, Sept 1st.

PhoenixParker

MrStuffins wrote: »

Also depends on the bank.

I'm with KBC and drew down on the 27th July.

KBC take payments on the 1st of every month so our first payment date will be, according to a letter they sent us, Sept 1st.

Ours was the same. KBC skip the first payment date and then the first payment is your normal payment + the first 1-30 days as appropriate.

xalot

We drew down the 25th June and on the 1st July we had an interest payment with KBC, then the proper mortgage repayment on the 1st August

GingerLily

Our first payment was one calender month later but you could change your payment date from the second payment onward, I drewdown on the 31st so I just left it as is.

It will depend on your bank but I don't think any Irish bank ask you to pay within the first month.

mvl

also note that there is at least a bank (aib) that offered last years a moratorium for up to 6 months , allowing you to start payments later.

witchgirl26

We drew down the start of June with BoI and first payment was the beginning of August. They sent us a letter with the date of first payment etc within a week of draw down. I've never heard of a bank taking the first payment on the same date as the draw down.

jonnybravo

mvl wrote: »

also note that there is at least a bank (aib) that offered last years a moratorium for up to 6 months , allowing you to start payments later.

When we got our mortgage with AIB (5 years ago) you automatically got a break for the first 3 months.

Mrs OBumble

mvl wrote: »

also note that there is at least a bank (aib) that offered last years a moratorium for up to 6 months , allowing you to start payments later.

Did they advise of the long term cost of this generosity?

mvl

can't remember tbh, but assume so, cause they were reasonable. didn't take the 6 month delay myself, but I know ppl who found this appropriate because it was in line with their house decoration budget.
each their own circumstances, you know...

Meself

Thanks all for the replies.

I'm just getting ready for a stream of dosh heading outbound from my account.!.. I'll have some breathing space so 😊

AppleBottle

jonnybravo wrote: »

When we got our mortgage with AIB (5 years ago) you automatically got a break for the first 3 months.

They now offer 6 months.

Repayments increase over the years remaining.