What Happens on Mortgage Completion Day?

What Happens Behind the Scenes

On completion day, your new lender releases the mortgage funds to your conveyancer. The conveyancer uses these funds to pay off your existing mortgage (known as 'redeeming' it) and any associated costs. The balance, if you're releasing equity, is transferred to your bank account.

Your old lender then confirms the mortgage has been redeemed and begins the process of removing their charge from the Land Registry. Your new lender's charge is registered in its place. From a legal perspective, your mortgage has switched from one lender to another.

The Timeline of Completion Day

Completion day for a remortgage is usually less eventful than when buying a property, as there's no chain to worry about. The key events typically happen as follows:

• Morning: Your new lender transfers funds to your conveyancer
• Mid-morning to early afternoon: Your conveyancer sends redemption funds to your old lender
• Afternoon: Your old lender confirms receipt and the mortgage is redeemed
• Post-completion: Your conveyancer registers the new charge at the Land Registry (this can take days or weeks)

You won't typically need to do anything on completion day itself — the conveyancer and lenders handle everything. You should receive confirmation from your conveyancer once everything is finalised.

What You Need to Do Before and After

Before completion day, ensure all your documents have been signed and returned to your conveyancer, your buildings insurance is in place, and any fees due have been paid. Your conveyancer will give you a completion statement showing exactly how the funds will be distributed.

After completion, set up your new direct debit for the first payment to your new lender if it hasn't been arranged automatically. Cancel the old direct debit to your previous lender — though this usually stops automatically once the old mortgage is redeemed. Keep all completion paperwork safely, including the mortgage offer and completion statement.