Buying a home is a long term commitment. That’s why our commitment to you doesn’t stop there. We’ll now talk you through some of the next important steps.
It always feels like there’s so much to do when you move home. Here's a list to help you remember the things that are easily forgot.
Once you’re in your new home, the next milestone will be your first mortgage payment.
We'll let you know how much your first payment will be, shortly after your mortgage is complete.
How much will my first payment be?
It's normally more than your regular monthly payment. That's because it includes an initial interest payment. This covers the interest for the days between the date you move in and the end of that month.
For example, if you complete on the 15th, interest will be charged from the 15th to the end of the month. We’ll add this to your standard monthly payment for the following month. This is why your first payment will be more than normal.
When do I make my first payment?
Your first payment will always be in the month after you complete your mortgage.
It will normally be on the day of the month you’ve asked us to take your mortgage payments. However, if you complete less than four working days before the end of the month, we’ll move the payment to the 10th of the following month.
This is to give us enough time to make sure we take the right amount. Here’s an example of how it works:
|Completion date||First payment date|
If your first payment taken on a different date to what we agreed, it will go back to the normal date the following month.
Want to change your payment details? Borrow more? Check your current balance? There are a few ways you can do this.
The easiest way to check your mortgage balance is to sign in to Online Banking. If you haven't registered yet, it only takes a few minutes. And you should be able to sign in straight away.
Once you’re making regular mortgage payments, you might find that you can pay a bit more off each month. Or you may want to make a one-off payment, which is easy to do online.
Our mortgage overpayment calculator can give you an idea of how overpaying on a mortgage could save you money by reducing the amount of interest charged.
Things happen to us without warning. Perhaps you can’t work because you're ill or lose your job. If so, it could be hard to for you to meet your financial commitments and you may need some help.
If you find yourself with money problems, contact us straight away so we can give you the help you need.
Whatever happens, don't ignore the problem.
When you've had your mortgage more than six months, you might be able to borrow more. You could use the money to pay for home improvements or to make a special purchase.
The maximum amount you can borrow in total, with your existing mortgage and additional borrowing, is 85% of your property on a repayment basis (75% on an interest-only basis).
You may be on a fixed rate mortgage now, but when your fixed rate deal comes to an end you will move onto our Halifax Homeowner Variable rate.
When your Halifax mortgage deal is ending, or once you’re on one of our lender variable rates, you may want to think about choosing a new mortgage deal as it may save you money.
Over the life of your mortgage, you may need to make other changes. For example, changing your name, or adding or removing people named on your mortgage account.
For more information or help with managing your mortgage, please read our guide to managing your mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.