Settling into Your New Home

First off, congratulations again on your new home! Wishing you nothing but happiness as you settle into this exciting chapter. I hope your new house becomes a place where all your dreams come true, filled with countless wonderful memories. Moving into a new home can feel like a whirlwind, but it’s also the start of something special. May it bring you everything you’ve hoped for and more.

While you’re getting comfortable, I’d like to remind you of a few next steps and good practices.  Apologies if any of it is a repeat of what you already knew but wanted to give you a check list of some sort.

What Next?

Now that the purchase is complete, the Land Registry will update the name of the new owners, which includes your mortgage lender. Your solicitors will handle this process, typically submitting the necessary updates shortly after completion. However, it’s important to note that the Land Registry can take anywhere from 8 weeks to 4 months to process these changes. (Correct as of Sep 2024)

Once the update is completed, your solicitors should send you a copy of the updated Land Registry document. If you don’t hear anything within 4 months, it’s a good idea to reach out to your solicitor to follow up. Alternatively, you can also download the updated document directly from the Land Registry’s website here

Register for Land Registry Property Alerts

The Land Registry offers a useful service that allows you to receive email updates on any applications submitted for your property. It’s a simple process to register, and you can monitor up to 10 properties with one account. This service helps to safeguard your property from fraud and keeps you informed of any changes. You can register for it here.

Setting Up the New Bills

It’s important to set up all your utility bills, including gas, water, electricity, and council tax. I recommend reaching out to the providers as soon as possible to confirm the date you took responsibility for the property and provide any meter readings. As a best practice, try to have this sorted within the first two weeks of moving in to avoid any surprises later on.

Updating Address Everywhere

Ensuring that your address is updated across all important records is key for maintaining a good credit score. Any prospective lender will expect to see that all your address is registered to one address, including banks, credit cards, the electoral roll, your employer, HMRC, insurance providers (which would include your life insurance, health insurance, car insurance, home insurance etc) , and any other financial institutions.

Don’t forget to update your details with the DVLA if you own a car or need to change the address on your driving licence. Failing to notify the DVLA can result in hefty fines, so it’s important to make this a priority. Similarly, your TV license needs to be updated to reflect your new address, as failing to do so can also result in fines.

Postal Redirection

Even with the most thorough effort, it’s hard to avoid some post still going to your old address. This is where the Royal Mail redirection service can be incredibly helpful. I highly recommend using this service to catch any stray mail during your transition. You can easily set it up here

Changing the Lock Barrels

As a best practice, it’s recommended to change the lock barrels on all security doors in a pre-owned home. Since the property was previously owned and used by someone else, there’s always a chance that more keys exist beyond the set you’ve received. By changing the barrels, you ensure that no one else has access to your home. The good news is that you don’t need to change the entire lock; barrels can easily be purchased online or in stores like B&Q, Wickes, and Selco.

Overpayments to Your Mortgage

Most lender will normally allow you to make overpayments on your mortgage without incurring early repayment charges. You can usually overpay up to 10% of the mortgage each year / calendar year.  Since your mortgage interest is calculated daily, any overpayment will immediately reduce the interest charged from the next day onward.

Overpayments can be made at your convenience, typically through online or phone banking. Before making your first overpayment, I suggest contacting your lender to fully understand their process. Once you make an overpayment, you’ll normally have the option to either reduce your monthly payments or shorten your mortgage term. If your goal is to pay off the mortgage sooner, you may want to opt for reducing the term. During your call, you can request that this preference applies to both your first and future overpayments.

Contact your lender to understand how their overpayment works.

What to Expect at the End of the Current Mortgage Fixed Rate

Although securing a mortgage is often the most time-consuming part of buying a home, it’s important to revisit your mortgage closer to the end of your fixed term—usually 3 to 6 months before it expires. At that point, we can review your options based on your current circumstances, requirements, and the state of the mortgage market, comparing deals from both your existing lender and potential new ones.

A remortgage is significantly easier than securing a mortgage for a new purchase. If staying with your current lender turns out to be the best option, the process can be quite fast and simple. At Nachu Finance, we don’t charge any fees for a product transfer with the same lender, making the transition even smoother.

Reviewing your options no later than 3 months before your fixed term ends will give you ample time for a thorough evaluation. At Nachu Finance, we aim to send you a reminder email 6 months before your fixed rate ends to ensure you’re prepared.