What Happens After Your Mortgage Completes?
Completion is the final stage of your mortgage journey.
For a house purchase, this is usually the day you get the keys. For a remortgage or product transfer, this is when your new mortgage deal starts.
This page answers common questions about what happens after completion.
House Move Completion Questions
Q: When will I get the keys?
You can usually collect your keys from the estate agent on completion day.
Your solicitor will call you once completion has taken place. You can then contact the estate agent to arrange collection.
Q: How do I set up the direct debit?
Your direct debit is usually set up as part of your mortgage application.
Green & Green sets this up using the bank details and preferred payment date you provided.
Q: Can I change my direct debit details?
Yes.
You can change your direct debit details or payment date by calling your lender directly. Their phone number will be on your mortgage paperwork.
Q: When will my first mortgage payment be taken?
Your lender will write to you after completion to confirm when your first payment will be taken.
They will usually give you notice before collecting the payment.
Q: How much will my first mortgage payment be?
Your first payment may be higher than your normal monthly payment.
It is usually made up of your first full month’s payment plus the number of days between your completion date and your direct debit collection date.
For example, if your direct debit is due on the 1st and you complete on the 20th, your first payment may include one full month plus the extra days from the 20th to the 1st.
Q: How do I know what money is left to pay or left over?
Your solicitor will send you a completion statement before completion.
This will show whether there is anything left to pay, such as your deposit, stamp duty or solicitor fees. It will also show whether any money is due back to you.
Q: When do I pay the solicitor?
You usually pay your solicitor around exchange and just before completion.
This allows your solicitor to have the funds needed to complete your purchase.
Q: What happens to surplus funds?
Your solicitor will ask which account you want the surplus funds paid into.
They will then transfer the money to your chosen bank account.
Q: What do I do when my fixed rate ends?
Green & Green will contact you 6 months before your fixed rate ends to help you look for a new mortgage deal.
Your lender will usually also contact you around 3 months before the end of your deal.
Q: When will my insurance start?
Your insurance will usually be set to start on completion day, so you are covered from the day your mortgage begins.
Remortgage Completion Questions
Q: When should my remortgage complete?
If you are still within your fixed rate period, leaving early may trigger an early repayment charge.
In most cases, you would aim for your remortgage to complete the day after your current fixed rate ends. If you are happy to pay the early repayment charge, you may choose to complete earlier.
Q: How do I set up the direct debit?
Your direct debit is usually set up as part of your mortgage application.
Green & Green uses the bank details and preferred payment date you provided.
Q: My previous lender has taken a payment. What do I do?
This can happen because your previous lender may take the payment by direct debit for the month ahead.
If you no longer have the mortgage with them for that period, they should refund the payment.
Q: When will my first payment be taken from my new lender?
Your new lender will write to you after completion to confirm your first payment date and amount.
Your first payment may include one full month plus the extra days between completion and your direct debit date.
Q: Will I have two payments taken in the first month?
It is possible that your previous lender may still take a payment.
If this happens, it should usually be refunded before your first payment is taken by your new lender.
Q: How do I know what money is left to pay or left over?
Your solicitor will send a completion statement before the lender releases funds.
This will show any shortfall you need to pay, such as solicitor fees, or any surplus funds due back to you.
Q: What happens to surplus funds?
Your solicitor will ask which bank account you want the surplus funds paid into.
This may happen if you have raised additional borrowing or if your mortgage balance has reduced since the application was submitted.
Q: Do I need to contact my old lender to close my old mortgage?
No.
Your solicitor repays your existing mortgage as part of the remortgage process. They will then start your new mortgage and pass any surplus funds to your chosen bank account.
Product Transfer Completion Questions
Q: Do I need to arrange a valuation?
No.
For a straightforward product transfer, your lender will usually value the property online using its own price index.
Q: Do I need to go through a full application process?
No.
A straightforward product transfer usually does not need a full application, valuation, documents or legal process.
Q: How do I set up the direct debit?
Your existing direct debit will usually continue.
Your payment amount will change when the new mortgage product starts, but the payment should come from the same account on the same date.
Q: What do I do when my fixed rate ends?
Green & Green will contact you 6 months before your fixed rate ends to help you look for a new deal.
Your lender will usually also write to you around 3 months before your deal ends.
Still Have a Question?
If you have completed on your purchase, remortgage or product transfer and you are unsure what happens next, Green & Green can help.
