Cashback Remortgages · First-time buyers
Exchange and Completion Explained
Exchange and completion are two distinct legal moments near the end of a purchase. Knowing the difference helps you plan the final steps and your money.
Exchange of contracts
At exchange, contracts are swapped, the deposit is paid and the purchase becomes legally binding with an agreed completion date. Pulling out after this point usually has serious financial consequences.
This applies in England, Wales and Northern Ireland; Scotland uses a different missives process.
Completion
On completion, the balance is transferred, the mortgage funds are released and you get the keys. Coordinate your mortgage funds and any Lifetime ISA withdrawal with your conveyancer so timing lines up.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.