Buying a home is one of the most exciting milestones in life, but once you’ve signed the papers, picked up the keys, and taken that first celebratory selfie on the doorstep, there’s a question that almost every new homeowner in Ireland asks: “When is my first mortgage payment due after completion?”
The good news? The first mortgage payment doesn’t hit you the day after you move in. The less good news? The timing (and the amount) can vary depending on your lender and the exact date your mortgage completes.
Let’s walk through how this works, what affects your payment date, and how to prepare — especially if you’re a first-time buyer navigating your first mortgage payment.
What is a mortgage completion date?
The mortgage completion date is the day your mortgage funds are released by your lender to your solicitor. This is not the same as the day you get the keys—which can often happen a few days or even a week later.
From a lender’s perspective, your mortgage officially begins on the completion date and not the day you take possession of the property. Once the money changes hands, the clock starts ticking towards your first mortgage payment.
When do mortgage payments start after completion?
Generally, your first mortgage payment is due about a month after the completion date, though this can vary slightly depending on your lender’s policies and the exact date you complete.
Example timeline:
- Completion date: 5th May
- First mortgage payment due: around 5th June — or potentially the 1st of July, depending on your lender.
This time gap allows the lender to calculate any interest owed for the first partial month following completion and set up the first direct debit. But not all lenders handle it the same way. Some lenders prefer to align your payment to a fixed monthly cycle, such as the 1st of the month, while others base it on your individual completion date.
When is your first mortgage payment due?
Understanding exactly when your first mortgage payment is due is essential for planning your finances as a new homeowner. Each lender in Ireland follows slightly different rules, but most fall into one of two approaches:
- A set number of days after your mortgage completion or drawdown
- A fixed date each month, often the 1st, following your drawdown
Let’s look at how the main lenders in Ireland schedule your first mortgage payment:
| Lender | First Payment Timing |
| Avant Money | Approximately 1 month after completion, then the same date each month. After the first payment you can change the date to suit. |
| Bank of Ireland | 1 month after drawdown; you can change the payment date after the first mortgage payment |
| Haven Mortgages | First payment the 10th working day (2 weeks approx.) after drawdown and then 7th of each month thereafter. (no date changes allowed) |
| ICS Mortgages | Usually at the end of the month; depends on drawdown date; interest starts from drawdown |
| PTSB | Around 30 days after drawdown; then shifts to the 1st of the following month. |
| Nua Money | Typically, around 30 days after completion; date provided by lender. |
| MOCO | Generally, around 30 days after closing or the 1st of the next month; lender confirms date |
Completion date matters:
The date you complete your mortgage can significantly affect the timing and size of your first mortgage payment.
- Complete on the 1st of the month? You may owe nearly a full month of interest before your first scheduled mortgage payment.
- Complete on the 28th or later in the month? Your first mortgage payment might feel like it’s far off, but it could be a bit higher as it includes those extra days of accrued interest between the completion date and the end of the month.
In short, the completion date influences both when your first mortgage payment is due and how much it will be.
Curious about what else can impact your timeline? Don’t miss our guide on how long from mortgage approval to completion — it’s packed with insights to help you plan.
Why is your first mortgage payment sometimes higher?
It often comes as a surprise, but your first mortgage payment can be higher than your regular monthly payments as it often includes more than one month of interest. That’s because lenders need to account for interest accrued from the completion date to your first scheduled payment date.
Here’s how it works:
Your mortgage starts building interest from the moment your lender releases the funds (your completion date) to the date your first scheduled mortgage payment is due That first payment may include:
- Daily interest from the completion date to the end of the month, plus
- Your full monthly repayment for the upcoming month
Example:
If you complete on the 10th and your lender collects payments on the 1st of each month, your first mortgage (due on the 1st) will include 20+ days of accrued interest from the previous month, plus your standard monthly repayment.
This isn’t a penalty—just a quirk of how mortgage interest is calculated daily. And yes, it can catch many first-time buyers off guard.
First mortgage payment after completion: what to expect
How much notice do you get?
Lenders typically notify you at least a week before the first payment is taken. This gives you time to make sure the correct funds are available in your account.
How are payments collected?
Your first mortgage payment (and all subsequent ones) is typically collected by SEPA Direct Debit. Some lenders, like AIB or Haven Mortgages, allow payments over the phone or through online banking if needed.
Can I change my payment date?
In most cases, yes—but only after the first payment has been collected. For example, Bank of Ireland allows you to select a more convenient payment date following your initial instalment.
First-time buyers: what you need to know about your first mortgage payment
If you’re a first-time buyer, the financial journey from deposit to direct debit can be a bit overwhelming.
A common point of confusion:
- Your first time mortgage down payment (i.e., your deposit) is paid before completion.
- Your first mortgage payment is the first monthly repayment after completion.
These are two entirely separate steps in the home-buying process, so be sure not to confuse the two and remember, budgeting for both is key.
For more insights? Check out our guide on additional costs when buying a house to get the full picture of the financial journey.
First-time buyer tip:
Try to complete earlier in the month to avoid a chunky first payment with extra interest. And always ask your broker for a full cost breakdown of what to expect so there are no surprises.
Looking into your first mortgage? We’ve got you covered with our first time buyer mortgages service.
MortgageLine: everything about your mortgage clear from the start!
At MortgageLine, we know that clarity is everything when it comes to mortgages.
We don’t just help you get approved—we guide you through the entire process, from signing the contract to understanding when and how your first payment comes out.
Want to plan better? Contact us today for a free mortgage review call.
We’ll walk you through everything you need to know and help you avoid any surprises.
FAQs
How soon after completion is the first mortgage payment?
Usually within 30 days, but the exact timing depends on your lender. Some lenders go by the same day of the following month; others default to the 1st of the month.
What happens if I complete at the end of the month?
You may owe just a few days of interest before your first full monthly payment. But this can make the first mortgage payment slightly higher than usual.
Can you delay the start of mortgage payments?
Not really. The first payment is scheduled based on your completion date. However, some lenders allow you to change your ongoing monthly payment date after the first instalment is made.
