Get a redemption statement
To see how much it'll cost to pay off your mortgage, you'll need to contact us and request a redemption statement.
The statement is where you'll find your redemption figure, which is the total amount you'll need to pay. It's made up of your outstanding mortgage balance plus any charges that might apply.
You’ll only need a redemption statement if you’re planning on paying off your mortgage in full. If you're re-mortgaging and moving to another provider through a solicitor or conveyancer, they may ask for a redemption statement from you.
The statement is valid only in the month stated. If your mortgage is not redeemed by the end of that month, you'll need to request a new redemption statement.
Charges for repaying your mortgage
You may have to pay an Early Repayment Charge (ERC). It all depends on what type of mortgage product you have and whether you're paying off your mortgage early, before the end of your current deal.
For example, if you're in a five year fixed rate mortgage deal and want to redeem your mortgage after four years, an Early Repayment Charge (ERC) will apply because you're leaving your five year deal early.
If this charge does apply, it will be listed in your redemption statement.
We also charge administration fees. For more details see our tariff of mortgage charges.
What happens after we receive your payment
We'll close your mortgage seven to ten working days after we have received your redemption payment. If you've made your payment by cheque this will take a further 10 days to allow for the cheque to clear.
Any title deeds we hold will be sent to you.
If we receive an overpayment
We'll refund anything above the amount needed to redeem your mortgage as soon as possible after your account has been closed.
Common questions
Until you have received a letter from us confirming your mortgage has been closed, do not cancel your direct debit payment. If you make your payment by standing order you'll need to inform your bank that this payment should be cancelled, after the redemption date.
Your redemption amount does not include any payments which are due up until redemption takes place and must still be paid. If a payment is received by us after you send in the redemption funds, we'll return this to you as soon as possible after the account has been closed. If there's a balance outstanding on your mortgage at the time of redemption, typically because you have sent funds to us after the proposed redemption date or a payment has been cancelled, we'll let you know. Interest will accrue until it is cleared.