The first monthly payment is made up of interest charges from the day we release the loan, to the end of the month plus the first monthly mortgage payment.
We always collect the first payment in the month after the mortgage starts. For example, if we release the loan in June, we’ll collect the first payment in July.
We’ll collect the first payment on the day selected when submitting the application. For example, if you asked for the monthly payment to be made on the 1st of each month and the loan starts on 1 June, then the first payment will be taken on 1 July.
However, where there are fewer than 13 calendar days between when we release the loan and the chosen payment date, then we’ll collect the first payment on the 13th day after we have released the loan. For example, if we release the loan on 30 June and you asked for the monthly payment to be made on the 1st of each month then the first monthly payment will be taken on 12 July. In subsequent months, the payment will be collected on the 1st of the month. We count the day we release the loan as the first day.