when do you start paying mortgage?

When the mortgage is drawn down (i.e. cheque issues to your solicitor) as far as I know. Not before you closed the purchase anyway unless it's a self build.
 
Also, you'll find that a lot of lenders give one month's 'grace' before deductions are made.
 
I'd imagine that this is just because, for example, you close the deal on 8th September and the next collection date is 7th October? Interest is accuruing from the day the mortgage is drawn down.
 
You start paying the mortgage from the day the cheque is drawn down...but your first payment may not be the full amount...i.e. if your mortgage cheque is drawn on the 15th of September, you will be debited for the interest from the 15th of September to the 30th of September. (sorry, as posted already by Clubman)
 
funnymunny said:
You start paying the mortgage from the day the cheque is drawn down...but your first payment may not be the full amount...i.e. if your mortgage cheque is drawn on the 15th of September, you will be debited for the interest from the 15th of September to the 30th of September. (sorry, as posted already by Clubman)
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Not all lenders operate like this. Some simply arrange your first Direct Debit to be one month from the date the cheque issues. There are other variations. Best to check with your particular lender.
 
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