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Does that mean I'm locked into paying back on the 28th of each month?
No, you shouldn't be. I forget the exact process, but I have a feeling my solicitor asked us on our preferred monthly payment date - It'll probably default to the 1st of the month.
Whatever the process, just be prepared for a larger first month payment as the lender will request a monthly mortgage payment in arrears, as well as the days between completion and the first payment.
pifko
Alright kids.
Here's a real noddy question on exchange dates: let's say I exchange on the 28th - that's presumably the date from which the mortgage will start.
Does that mean I'm locked into paying back on the 28th of each month? Or can you move monthly mortgage repayment dates around like any other form of direct debit?