This is because it will include interest for the days between the date you got your keys and moved in, and the end of that month, as well as your standard monthly payment for the month after. Your first payment will typically be higher than your standard monthly payment. Your lender will send you a letter to let you know how much your first mortgage payment will be and when it needs to be paid. Soon after you pick up the keys to your new home, you’ll need to make your first mortgage payment. So it’s really worth keeping your finances looking healthy in the years to come. At some point, your mortgage deal will come to an end and you may want to remortgage to get a better rate – instead of reverting to your lender’s Standard Variable Rate. It’s also a good idea to look after your credit rating. While you’re settling in and deciding where to put the sofa, don’t forget it’s important to maintain your regular mortgage payments. Read it carefully – it should reflect their original quotation. TIP: Your conveyancer will call you to tell you when your money has arrived – so you can get the keys and move in – and they will also send you a completion statement. The Money Advice Service has more detail about buying property in Scotland. The house buying process is a bit different in Scotland. When the vendor receives the money, your purchase is complete and you can pick up the keys to your new home. Once the final checks are done, and the money is transferred to your solicitor, they will then pass on the funds to your vendor’s solicitor. So it’s a good idea to keep things on an even keel – put off applying for new credit deals to protect your credit rating, and don’t max out any existing credit cards you might have. If something major that will impact your ability to afford the mortgage has changed, they might withdraw the offer. The Certificate of Title is a document that gives a detailed history of the home’s ownership, including a complete legal description of the property.īut before they do, they’ll do one last check to make sure your circumstances are the same. Once the lender receives a Certificate of Title from your solicitor, they’ll release the money to them.

Your conveyancer or solicitor will have agreed to a date for completion with the seller and their solicitor, named as such because it’s when the purchase is completed.Ĭompletion day is when all the money changes officially hands and you are able to pick up the keys to your new place.

S stop before completion