MORTGAGE GUIDANCE
Completion is the stage at which the property transaction is completed and mortgage funds are used as part of the purchase. For a remortgage, completion generally means the new mortgage takes effect and the previous mortgage is repaid where applicable.
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What does mortgage completion mean?
Mortgage completion is not the same as receiving a mortgage offer, exchanging contracts or moving into the property. Where contracts are exchanged, that is a separate stage in the transaction. Once completion has taken place, the buyer can normally take possession in line with the arrangements. Property processes can differ across UK jurisdictions.
This is general information, not legal advice. Your conveyancer or solicitor can explain the legal steps that apply to your transaction.
What happens before completion?
Before completion, the relevant legal work must be completed, mortgage conditions satisfied, and the lender and conveyancer or solicitor ready for funds to be released. The detail and timing can vary by lender, property and transaction.
What happens on mortgage completion day?
The exact arrangements vary, but completion day commonly follows a sequence like this.
Completion day: a simple sequence
01 — Mortgage funds are released
The lender provides mortgage funds in accordance with the completion arrangements.
02 — Purchase funds are transferred
The conveyancers or solicitors deal with the funds required to complete the transaction.
03 — Completion takes place
Once the transaction has completed, the buyer can normally take possession in accordance with the transaction arrangements.
04 — The mortgage begins
The borrower becomes responsible for payments under the mortgage terms.
What time does mortgage completion happen?
There is no universal completion time. Timing can depend on the release and transfer of funds, the property chain and the legal arrangements for the transaction. Avoid relying on a particular time of day until your conveyancer or solicitor confirms the arrangements.
When will I make my first mortgage payment?
The timing and amount of the first payment can depend on the lender and completion date, and may differ from the normal monthly payment. Check the lender’s completion and payment information for your mortgage.
What can delay mortgage completion?
Delays can arise when funds take longer to transfer, legal matters remain outstanding, an issue elsewhere in a property chain needs resolving, lender requirements have not been satisfied, or a last-minute change needs investigation. These issues are not always unusual, but they may require time and coordination.
What happens when a remortgage completes?
On a straightforward remortgage, the new mortgage funds are generally used to repay the existing mortgage and the new mortgage then takes effect. Any other completion arrangements are handled as applicable.
What if my mortgage offer is close to expiring?
Completion normally needs to take place within the requirements of the mortgage offer. If timing is becoming an issue, establish what options are available rather than assuming the offer will automatically continue.
Can a mortgage adviser help?
A mortgage adviser can help you understand the mortgage process and the options that may be available. Legal completion itself is generally handled by the conveyancer or solicitor.
Mortgage completion FAQs
What does completion mean on a mortgage?
What happens on mortgage completion day?
What time does mortgage completion happen?
When are mortgage funds released?
When will my first mortgage payment be taken?
Can mortgage completion be delayed?
Can I move in on completion day?
What happens when a remortgage completes?
MORTGAGE GUIDANCE
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