Mortgage draw down and first repayment date

[bond-007]

Just wondering when you are due to repay your first repayment after draw down? We only received the proceeds a week ago and the mortgage company want their first repayment next week.

Question is, in our situation the cheque was issued to the solicitor who had to send it back because there was a delay in getting the deeds. This was sorted and a new cheque issued a week or so later. Proceeds were received 4 days later. It appears they are charging from the first cheque issue? Is this correct?

 

[LDFerguson]

Procedure on due date of first repayment varies from one lender to the next.

If your solicitor didn't cash the first cheque and sent it back, you should only be charged interest from the date of the second cheque.

 

[bond-007]

Thanks for the fast response.
I was just wondering as the bank are looking for their first payment only 16 days from the proceeds being received. Luckily the solicitors cheque will clear just in time. Not to worry.

 

[LDFerguson]

If they're looking for their first repayment after 16 days, it would usually be just the interest from the date monies were received to end of month. First FULL mortgage repayment should be at the end of July. Does that tally with your experience?