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

Congratulations on completing your new mortgage! Now, it’s time to start making those repayments. The exact date of your first mortgage payment will depend on your lender, but it typically falls within the month following completion. Most lenders will send you a letter notifying you of the date of your first payment and the amount they will collect.

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

How Much Will My First Mortgage Payment Be?

Your first mortgage payment will be higher than your regular monthly payment. The exact amount will depend on your lender and the date on which your mortgage starts.

Your first 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 payment.

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 first payment. Keep in mind that the exact amount and date of your first mortgage payment will be confirmed by your lender.

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 lender confirming the exact date and amount of your first mortgage payment.

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.

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 month of July. This means that you will make one initial payment that covers both the partial and the first full month.

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

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

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 amount that will be charged.

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.

Coventry First Mortgage Payment

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

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.

HSBC First Mortgage Payment

HSBC will not collect any payment within 28 days after your mortgage starts. A letter will be issued confirming the date of your first payment and the exact amount that will be charged.

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 and revert to your chosen date each month after that.

Nationwide First Mortgage Payment

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

NatWest First Mortgage Payment

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

Santander First Mortgage Payment

After completion, Santander will send you some information which will include the date of your first payment and how much it will be.

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 chosen preferred date, although they will let you know beforehand if this is the case.

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