The first monthly payment is collected in the month following completion, unless completion occurs within 8 working days of the due payment date (for example, completion on the 26th, payment date due on the 1st). Where completion occurs within 8 working days of the payment due date, the 1st monthly payment will be moved to the month following.
The first payment will consist of interest due from completion plus the first capital and interest month repayment. For example, where:
- Completion occurs on the 17th, interest would be calculated from the 17th to the end of the month and then added to the first payment, due in this example on the 1st
- If completion occurs on the 7th, interest would be calculated from the 7th to the end of the month and then added to the first payment, due on the 1st
Customers payment dates are initially set to the 1st of the month, but a customer may choose any day of the month.