What Happens on Remortgage Completion Day?

Remortgaging is a normal part of homeownership in the UK, especially once an introductory fixed rate ends. While many homeowners understand the application stages, completion day itself can feel like a mystery.

Unlike buying a home, there are no keys, removals, or moving dates involved. Instead, completion day is a behind-the-scenes legal and financial handover where one mortgage is replaced with another.

This step-by-step guide walks you through exactly what happens, what you can expect on the day your remortgage completes and how our team at WIS Mortgages is here to help a seamless transition on remortgage completion day.

Key Takeaways

• Remortgage completion day is the point where your old mortgage is officially closed and your new mortgage begins.
• You do not move house, sign new paperwork on the day, or attend a meeting – the process is handled by your solicitor and lender.
• The new lender releases funds to your solicitor, who repays your existing mortgage, updates the property title, and sets up your new mortgage.
• If you’re borrowing extra (such as releasing equity), the surplus is transferred to your bank account after completion.
• Buy-to-let remortgages follow the same steps but may involve rental income checks and portfolio lender rules.
• Using a broker like WIS Mortgages can help avoid delays and ensure you switch before your old rate expires.

Before Completion: A Quick Recap of the Remortgage Process

Completion is the final stage of remortgaging. Before that, you will already have completed several steps along the remortgage journey. The process typically covers:

• Applying for a remortgage
• Passing affordability and credit checks
• Receiving a mortgage offer
• Instructing a solicitor or conveyancer
• Waiting for title checks and redemption figures from your current lender
• Agreeing a completion date

Once the completion date is set, no further documents are normally required from you unless something changes at the last minute, such as your job or a major credit issue.

What Happens on Remortgage Completion Day?

When the remortgage completion day finally rolls around, it’s helpful to know exactly what to expect. At WIS Mortgages, we have helped countless clients transition into a new mortgage with ease. Below, we have outlined the steps that you will take during your remortgage completion day:

1. Final Checks are Carried Out

The first step involves checking over the details of the remortgage to make sure it is accurate. Your solicitor confirms a few different things at this stage, including that:

• Your mortgage offer is still valid
• Redemption figures from your current lender are correct
• There are no new charges or issues on the property title

WIS Mortgages always recommends responding quickly during the earlier stages, as this reduces the risk of completion delays.

2. Your New Lender Releases the Mortgage Funds

Your new lender sends the remortgage funds to your solicitor. This is usually done via same-day CHAPS transfer. No action is required from you during this part of the process.

3. Your Solicitor Repays Your Existing Mortgage

Next, your solicitor uses the new funds to redeem (pay off) your old mortgage in full. After this point, your old lender will close your mortgage account. Any direct debit with them will be cancelled automatically (or by you).

4. The New Mortgage Goes Live

Once the redemption is confirmed, your new mortgage officially starts. This means:

• Your new direct debit will be set up
• Your new interest rate and monthly payment schedule begins
• You are now under the terms of the new mortgage offer

5. Title Updates are Submitted

The solicitor updates the Land Registry to show the new lender as the charge holder. You don’t see the title change happen, but it is a legal requirement.

6. Any Surplus Funds are Sent to You

If you are borrowing extra (equity release), the additional money is transferred to your bank account on or shortly after completion day. So, if your new mortgage is £250,000 and your old mortgage was £220,000, then you’ll receive £30,000 in surplus funds from the remortgage (not a lifetime mortgage or equity release product). If you are not borrowing more, this step does not apply.

7. You Receive Confirmation

Most homeowners receive one or more of the following to confirm that the remortgage process is complete:

• Email from solicitor
• Completion letter
• “Your mortgage is now live”, message from the new lender
• Closing statement from the old lender

This is the only part of completion day that you may actively experience.

If you are looking to find out how remortgaging your property might benefit you financially, then our team at WIS Mortgages have all the tools to help. You can use our free remortgage savings calculator to assess how a remortgage might work best for you.

Quick Comparison: Before vs After Completion

Case Study: First-Time Buyer Remortgaging

Our team at WIS Mortgages understand that the remortgaging process can be confusing, especially if this is your first time going through the steps. We helped one of our clients, who was a first-time buyer, remortgage for the first time after a two-year fixed deal. We aimed to help them switch over to a new lender.

Unfortunately, our client assumed that their first payment to the new lender would work the same way as their original mortgage. They didn’t realise that their existing lender would charge an extra month’s interest up-front before refunding it later. Without guidance, the client (who was already on a tight budget) would have overdrawn their account.

To combat this issue, we offered a step-by-step completion day guide for them that covered:

• Why the old lender would take an additional payment
• When the refund would arrive
• How much they should set aside to avoid an unarranged overdraft charge

Thanks to early guidance and a clear process, the client was able to plan for these costs and avoid unexpected charges. They also secured a lower interest rate through their chosen lender, though this may not be the case for all borrowers. This goes to show that a good broker does much more than just find you a rate. There are some aspects of the remortgage process that lenders may not always highlight in detail, especially if you’re managing the process independently

Does It Work the Same for Buy-to-Let Remortgages?

If you’re remortgaging a buy-to-let property, then the general process is the same. However, there are a few differences that happen earlier, during the application stage. These differences are outlined below:

By the time you get to completion day for remortgaging your buy-to-let, the process is virtually identical. Our team can provide guidance on the remortgage process and help you understand your options. So, if you would like support during this stage, we are here to help.

What Can Delay Remortgage Completion?

In some cases, the remortgage completion may be held up by certain issues. Most delays happen before the planned completion date, so you should have time to address any concerns before that time. Below are some of the most common reasons that remortgage completion may be delayed:

Our team at WIS Mortgages can help prevent these delays by preparing the case correctly from day one.

Frequently Asked Questions

Q. Do I have to be at home for the remortgage completion day?

A. No, you don’t need to stay at home during the remortgage completion day. Everything is handled by your solicitor and lender, so you can go on about your day without worrying.

Q. Will my monthly payment change immediately?

A. Yes, your new mortgage payment will replace your old one on the next scheduled Direct Debit date.

Q. Is completion day the same as offer acceptance?

A. No, your offer acceptance happens earlier in the remortgage process. Completion is the day the money changes hands.

Q. Can I remortgage if I have bad credit?

A. Yes, but lender choice may be limited. A broker like WIS Mortgages can help find suitable options for you.

Q. Do I need a solicitor for a remortgage?

A. Yes, but sometimes the lender provides a free legal service. WIS Mortgages can explain the difference between free legals and cashback options.

Q. Can I stay with the same lender instead?

A. Yes, that’s called a product transfer. It doesn’t require a solicitor and completes much faster, but may not offer the best rate.

Enjoy a Seamless Remortgage With WIS Mortgages

Remortgage completion day is the point where your old mortgage ends and your new one begins. Although it sounds like a big event, most of the work happens behind the scenes. Your solicitor and lender handle the legal and financial steps for you, and all you typically receive is a completion confirmation.

If your fixed rate is ending, or you’re planning ahead to avoid switching onto your lender’s Standard Variable Rate, WIS Mortgages can help you:

• Compare remortgage deals across the market
• Avoid unnecessary delays and fees
• Release equity or switch lender confidently
• Remortgage residential or buy-to-let properties

Get in touch for a free remortgage review and let our team at WIS Mortgages make the process as smooth as possible for you.

Important FCA Warning

As a mortgage is secured against your home, it may be repossessed if you do not keep up the mortgage repayments. Written by the mortgage experts at WIS Mortgages, specialists in complex income and affordability assessments.

WIS Mortgages is a trading name of WIS Contractor Mortgages Limited, which is authorised and regulated by the Financial Conduct Authority. FCA number: 824411.

This article is for information purposes and does not constitute personal mortgage advice. You should speak to a qualified mortgage adviser to assess your individual circumstances.