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 Why is my first mortgage payment so high?

Q I've recently taken out my first mortgage with Alliance & Leicester. My monthly payments are supposed to be ?1057, but my first premium is an extra ?178 - is this normal?

JP

A Yes, it is. You make your mortgage repayments in advance, for the incoming month. But you start paying interest on your mortgage from the date the lender releases the funds, usually the day before you complete your house purchase.

Your first mortgage payment may not be due for several weeks, depending on the date you move in and your regular repayment date, but you still have to pay interest from the date funds are released.

In your case, your first payment wasn't due until a month after you had completed, so you owed the lender interest for the month that had elapsed, plus your regular capital and interest payment for the incoming month.

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