How Do I Know When My First Mortgage Payment Will Be Due?

Congratulations on completing your new mortgage and house purchase! Now, it’s time to start making those repayments. The exact date of your first mortgage payment will depend on your mortgage lender, but it typically falls within the month following completion.

Most mortgage lenders will send you a letter notifying you of the exact date of your first payment and the first payment amount they will collect from your bank account by direct debit.

It’s useful information to help you stay on top of your payment schedule from the beginning.

When Is My First Mortgage Payment Due?

Your first mortgage payment will not be due until the month following completion.

If you have chosen a specific preferred payment date, then you can expect your first payment to be due on that chosen date. However, keep in mind that with some lenders, the first payment can be collected on a different date than your preference.

Typically, your lender will provide you with a welcome letter confirming when your first payment is due and when subsequent payments will follow.

How Much Will My First Mortgage Payment Be?

Your first mortgage payment will be higher than your regular monthly payments. The exact first payment amount will depend on your mortgage lender, your completion date, and when your mortgage starts.

Your initial payment will include a full month, as well as any days after completion in the previous month. For example, if completion occurs on the 15th of the month, then interest will be calculated from the 15th until the end of the month and added to your first mortgage payment. This period is often called the arrears period, as most mortgage lenders calculate payments after the usage period.

Similarly, if completion occurs on the 5th of the month, then interest will be calculated from the 5th until the end of the month and added to your initial payment. Keep in mind that the exact date and first payment amount will be confirmed by your lender in writing, usually through a welcome letter or direct communication to your mortgage account.

What to Expect from Your First Mortgage Payment

You should always expect that your first mortgage payment will be higher than your regular monthly mortgage payment amount. Additionally, you should expect to receive a notification from your mortgage lender confirming the exact date and amount of your first payment.

Your mortgage broker can also provide useful information if you are unsure about your payment due date or the details of your mortgage deal. This initial payment helps you cover the period from your completion date until the start of your normal payment schedule.

Why Is My First Mortgage Payment Higher Than I Expected?

Mortgage lenders will not collect a payment from you for any less than a full month.

Therefore, your first mortgage payment will cover one full month, plus any days between your completion date and the end of the month in which completion occurred. This ensures you are not in arrears when your mortgage starts.

For example, if you completed on your new mortgage on June 15th, your first mortgage payment will cover you for the period of June 15th to June 30th, plus the entire following month of July. This means that you will make one initial payment that covers both the partial and the first full month.

The lender will apply the payment to your mortgage account, ensuring you are up to date before your second month of payments begins.

Why Does My Mortgage Illustration or Offer Show a Higher First Payment?

At this point, the exact completion date of your new mortgage is unknown, so an assumed completion date is used for illustration purposes.

Your mortgage offer or mortgage illustration will assume that the lender releases the funds on a specific date, such as the 15th of the month. This assumption is used to illustrate your first mortgage payment, which will cover the period from the assumed release date until the end of the following month.

In this example, your first payment would cover approximately six weeks, ensuring that the payment schedule begins correctly and avoids missed payments.

First Mortgage Payment by Specific Lender

Accord First Mortgage Payment

Within 3 working days after completion, Accord will issue a letter confirming the exact date of your first payment and the first payment amount that will be charged to your mortgage account.

Barclays First Mortgage Payment

Barclays will take your mortgage payment on the 16th of the month following completion. All subsequent payments will revert to your preferred payment date, keeping your payment schedule consistent.

Coventry First Mortgage Payment

Coventry will not collect any payment until the month after completion. A welcome letter will be issued confirming the date of your first mortgage payment and the exact amount due.

Halifax & Lloyds Banking Group First Mortgage Payment

Halifax and Lloyds Banking Group will not collect any payment until the month following completion. However, if completion occurs within four working days of your chosen payment date, then your first payment will be collected on the 10th of that month. After this, your payments will revert to your chosen date each month, aligning with your direct debit arrangement.

HSBC First Mortgage Payment

HSBC will not collect any payment within 28 days after your mortgage starts. A letter will be issued confirming the due date of your first mortgage payment and the first payment amount you need to cover.

Lloyds Bank First Mortgage Payment

Lloyds Bank will not collect any payment until the month after completion. However, if completion occurs within 4 working days of your chosen payment date, then your first payment will be collected on the 10th of that month. Subsequent payments will revert to your chosen date each month, helping you manage your monthly payments smoothly.

Nationwide First Mortgage Payment

Within 5–7 working days after completion, Nationwide will issue a welcome letter confirming the exact date of your first mortgage payment and the amount due.

NatWest First Mortgage Payment

NatWest will issue you a welcome letter after completion; this will tell you when your first payment is due. You can adjust the chosen payment date by contacting NatWest’s mortgage team online or by phone.

Santander First Mortgage Payment

After completion, Santander will send you information that includes the date of your first payment, the first payment amount, and how to set up or confirm your direct debit details.

TSB First Mortgage Payment

TSB will not collect any payment until the month after completion. They may collect your first payment on a date other than your preferred payment date, although they will let you know beforehand if this is the case.

Frequently Asked Questions