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First mortgage payment

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  • 04-05-2019 5:08pm
    #1
    Buying house2020
    Registered Users Posts: 46 ✭


    Hi

    Is the first mortgage payment date exactly one month after drawdown or after closing?

    E.g. if the mortgage was drawndown on 5th of May, does that mean that the first mortgage payment comes out of your account on the 5th of June?


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    #2
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    Buying house2020 wrote: »
    Hi

    Is the first mortgage payment date exactly one month after drawdown or after closing?

    After drawdown.


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    #3
    tedpan
    Registered Users Posts: 4,627 ✭✭✭tedpan


    Why are you starting another thread to ask the same question?


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    #4
    Buying house2020
    Registered Users Posts: 46 ✭Buying house2020


    tedpan wrote: »
    Why are you starting another thread to ask the same question?

    I wanted clearer answers to my question.


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    #5
    C3PO
    Registered Users Posts: 3,759 ✭✭✭C3PO


    Buying house2020 wrote: »
    I wanted clearer answers to my question.

    Then why not ask your mortgage provider ... the only place that you'll get a "clear" answer!


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    #6
    Sleeper12
    Registered Users Posts: 17,069 ✭✭✭✭Sleeper12


    Buying house2020 wrote:
    E.g. if the mortgage was drawndown on 5th of May, does that mean that the first mortgage payment comes out of your account on the 5th of June?


    It's actually usually up to you. You can arrange for the first to be any date you want. You can even arrange for the first payment to be 5 weeks, 6 weeks or even two months after drawdown. This obviously needs to be arranged in advance.


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    #7
    Buying house2020
    Registered Users Posts: 46 ✭Buying house2020


    C3PO wrote: »
    Then why not ask your mortgage provider ... the only place that you'll get a "clear" answer!

    They won't be back in the office until Tuesday🙂! Thanks for your concern🙂


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    #8
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    Buying house2020 wrote: »
    They won't be back in the office until Tuesday🙂! Thanks for your concern🙂

    What repayment date did you put on the application?


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    #9
    Buying house2020
    Registered Users Posts: 46 ✭Buying house2020


    amcalester wrote: »
    What repayment date did you put on the application?

    I spent all day yesterday looking through all the documentation and on the dd mandate it there is no section to put a date, I heard nothing from the bank since then. I'll contact Tuesday but a bit worried I don't have a date.


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    #10
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    Some banks start exactly 1 month after drawdown (and can do it any day). Some banks debit on 4 specific days a month only. Some banks debit on one day per month.


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