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Completion (when you draw down the mortgage payment) is when it actually starts accruing interest... exchange and completion can be on the same day though (this is rare).
Don't forget as well that rent is paid in advance and mortgage is paid in arrears so you should have a month of no rent / mortgage payment.
Soul
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?