Every guide about buying a home stops at completion day. This one starts there. It covers exactly what needs doing, and when, across the twelve months after you get the keys, from the meter reading you take on day one to the reminder you should already be setting for month six.
Figures below reflect published 2026 UK new-homeowner guidance, current to mid-2026. This is general information, not financial advice; check your specific mortgage offer and insurance policy for exact terms.
1. Completion day: the things that can't wait
Take meter readings for gas, electricity, and water the moment you get the keys. Without them, you risk being billed for the previous occupant's usage, or leaving bills unpaid at your old address if you're moving locally. Confirm your buildings insurance starts from completion day itself, not the day after. The property, and the risk attached to it, becomes legally yours the moment contracts complete, and a gap of even a single day leaves you genuinely uninsured if something goes wrong.
2. The first month: admin that's easy to defer
- Redirect your post and update your address with your bank, employer, GP, DVLA, and electoral roll.
- Register for Council Tax with your local authority and set up a direct debit rather than paying by invoice. Councils charge the same either way, but a direct debit spreads the cost, and most allow either 10 monthly payments (April to January) or a request for the full 12.
- Create a filing system, physical or digital, for your mortgage offer, insurance documents, and solicitor's completion statement. You'll want these again sooner than you expect.
- Check the property thoroughly now that you're in. Once you've completed, fixing any issue you didn't catch, however minor, becomes your own responsibility and your own expense.
3. The fixed-rate clock starts now
Your fixed-rate mortgage deal runs for a set period, commonly two or five years, and when it ends without action, you don't simply keep paying the same rate. You move onto your lender's Standard Variable Rate, which is almost always considerably higher than any fixed or tracker deal you could arrange instead. The most competitive remortgage deals typically need to be arranged with around six months' lead time, so the single most useful thing you can do in year one is note your exact deal end date and set a reminder six months ahead of it, now, while it's fresh in your mind and genuinely years away from feeling urgent.
4. The overpayment allowance most people never use
Most fixed-rate mortgages allow you to overpay up to 10% of the outstanding balance each year without triggering an early repayment charge, a genuinely useful allowance that a large number of new homeowners never check, let alone use. If you have spare income in year one, even modest, regular overpayments within this allowance reduce your capital balance and the total interest paid over the life of the mortgage. Check your specific mortgage offer document for the exact percentage and how it's calculated, since terms vary between lenders.
5. The maintenance mindset shift
The single biggest budgeting mistake new homeowners make is treating maintenance as an unplanned expense. It isn't. A boiler service, a gutter clearance, or a minor repair isn't a surprise, it's a certainty over enough years, and the sooner that shifts from "unexpected cost" to "predictable line item," the less any individual bill actually stings. Our Home Maintenance Budgeting guide covers the specific annual figure worth setting aside from year one onward, and our Building a Home Emergency Fund guide covers the separate reserve for the genuinely unplanned failures that budget doesn't cover.
6. The year-one checklist, in order
Meter readings and insurance start date
Both need confirming before you do anything else.
Address changes and Council Tax registration
Post redirection, bank, employer, DVLA, and setting up your Council Tax direct debit.
Note your fixed-rate deal end date
Written down somewhere you'll actually see it again, not just filed away.
Start the maintenance and emergency fund habit
Even small, regular contributions from month one beat a lump sum decision made in a panic later.
Start the remortgage process
Whenever that date falls, even if it's genuinely years away right now.
7. Frequently asked questions
What should I do on the day I complete on a house?
Take meter readings for gas, electricity, and water the moment you get the keys, so you're not billed for the previous occupant's usage. Confirm your buildings insurance actually starts from completion day itself, not the day after, since the property is legally yours, and your risk, from that point.
When should I start looking at remortgaging after buying my first home?
Set a reminder for six months before your fixed-rate deal ends. The most competitive remortgage deals typically need to be arranged with that much lead time, and doing nothing means automatically moving onto your lender's Standard Variable Rate, which is almost always considerably higher.
Can I overpay my mortgage in the first year without a penalty?
Usually yes, up to a point. Most fixed-rate mortgages allow overpayments of up to 10% of the outstanding balance each year without triggering an early repayment charge. Check your specific mortgage offer for the exact allowance, since it varies by lender and product.
What's the biggest budgeting mistake new homeowners make in year one?
Treating home maintenance as an unplanned expense rather than a predictable, recurring cost. A boiler service, gutter clearance, or minor repair isn't a surprise, it's a certainty over enough years, and budgeting for it from day one avoids the shock of an unplanned bill landing on top of everything else in year one.
Continue your research
About the author
✓ Editorially reviewed — all Poqet guides are checked for factual accuracy before publication and updated when UK rates or legislation change. Editorial Policy