What happens after completion?

After completion, your solicitor will contact your lender to confirm that completion has taken place, and at some point you will receive a letter from your lender confirming that the mortgage is active and the amount of your monthly repayments. Your first payment is usually slightly more than your standard monthly payments, depending on when in the month completion occurred. For example, if your mortgage was completed during the middle of the month, the first payment will have to cover the remaining half of the month, and the following month.

Once your mortgage is in place, you will receive regular statements from your lender, which are usually annual. The information contained in these statements varies from lender to lender, but in general they will include details of the payments you have made throughout the year and the remaining balance. You must make sure you check these statements carefully to ensure the lender is charging you the correct interest rate, the repayment type and the length of the mortgage. If you do not understand anything on these statements, do not hesitate in contacting your lender, they will be happy to help with any queries you may have.