Your Contractual Monthly Instalment (CMI) is your monthly mortgage payment.

Your first mortgage payment will be the full CMI amount shown on your mortgage documents.

But isn't the first mortgage payment normally different from following payments?

Different mortgage lenders manage the initial mortgage payment in different ways. We believe it's important that your monthly payments stay the same, including your very first payment. That's why your first mortgage payment will always be the same as your following monthly payments.

For example, let's imagine your monthly payment is £1200.

Whereas some lenders might charge you a different first monthly payment to account for your completion date being during the month, we want to keep things simple. Your first payment will be £1200 and so will your following payments.

To learn more about when you will be charged your first mortgage payment, please click here.

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