REDEEMING
YOUR MORTGAGE

Whether you’re paying off your mortgage early or considering leaving us for a new mortgage elsewhere, our team can help.

Paying off your mortgage

What you need to know if you are paying your mortgage off early and how to request a redemption statement.

1. Find out how much is left to pay

  • It may be useful to check your outstanding mortgage balance before requesting a redemption statement, as the statement is only valid for 30 calendar days.
  • Your outstanding mortgage balance helps you understand approximately how much you have left to pay on your mortgage but will not include any applicable early repayment charges or a mortgage exit fee.
  • You can find out your outstanding mortgage balance by logging into your account. If you prefer to talk to us, please contact our customer service team to confirm the balance for you.
  • You still need to request a redemption statement before you make your final payment. This will confirm the full amount required to settle the mortgage.
Businesswoman using calculator
Redeeming your mortgage means you pay off your mortgage in full before the end of its term.

2. Understand the costs and fees

  • To understand any redemption fees that apply to your account, please check your mortgage offer pack and redemption statement.
  • The costs and fees that may apply:
    • Early repayment charges (ERC)
    • Administration fee, called a mortgage exit fee
Man using calculator
Your mortgage offer pack and redemption statement will detail any redemption fees you'll need to pay.

3. Request a final redemption statement

  • A redemption statement is valid for 30 calendar days from the issue date. It will include all the information needed to make the final payment and settle the mortgage in full.
  • If you plan to redeem the mortgage after the redemption statement expiry date, you will need to request a new redemption statement.
  • If you redeem your mortgage between 1 and 30 days after the redemption statement issue date, you need to add the account's daily interest rate (given in the statement) to the redemption amount. For example, if you redeem 11 days after the issue date, you need to add 11 days of daily interest.
  • If you make the final payment by cheque you need to add the daily interest for 5 extra days, to allow for the cheque to clear.
Couple with laptop
Redemption statements are valid for 30 calendar days from the issue date.

4. Closing your mortgage account

  • After we receive the full settlement amount, we will arrange for our Legal Charge on your property to be released, and then write to you or your solicitor if they are acting on your behalf to confirm your mortgage is redeemed.
  • If you're moving out of the mortgaged property, please let us know your new address to make sure you receive any final correspondence from us.
  • If your property is in Scotland or Northern Ireland, you need to appoint a solicitor to help manage the final part of the redemption on your behalf. Once the mortgage is repaid in full, your solicitor needs to prepare an application to arrange for the Standard Security or Legal Charge to be removed from official land records; referred to as discharging. Once this has been completed your solicitor will notify you that the Standard Security or Legal Charge has been discharged.
  • For properties in Scotland, we can appoint a solicitor to manage this for you and our team will confirm the cost.
Happy family smiling

A Legal Charge gives security to a lender for money you owe by registering a charge against your property. The charge (called a Standard Security in Scotland) is registered with Land Registry (properties in England, Wales and Northern Ireland) or Land Register of Scotland (properties in Scotland).

Request a redemption statement

  • If you have an online account, you can log in and request a redemption statement via ‘My Messages’. Our team will respond with a redemption statement to your secure online account.
  • You can also contact our customer service team to request a redemption statement and we will post it to you. Once we receive the request, we aim to issue the redemption statement within 5-10 working days.
  • Please click MY ACCOUNT below, to find the correct contact details or log into your account.

Useful links

  • Connect with us
    We're always happy to talk to you and answer any questions you have about your mortgage. Enter your account number so we can put you in contact with the right team.
    YOUR ACCOUNT
  • Money worries
    We want to help you. If you're worried about your finances and paying your mortgage, the sooner you talk to us, the sooner we can try to help.
    VIEW GUIDE
  • Independent support and advice
    Talking to someone impartial can really help. There are many organisations that are there to support you, either face to face, over the phone or online.
    VIEW INDEPENDENT ADVICE

    Frequently asked questions

    • I’d like to pay my mortgage off early; what do I need to do?

      You will need to request a redemption statement. This will confirm the full amount required to settle your remaining mortgage balance and close your account.

    • When should I request a redemption statement?

      A redemption statement is valid for 30 days from the date it is produced.

    • What do I need to do if the redemption statement expires before the date due to redeem?

      The redemption statement is valid for 30 calendar days from the date it is produced, the expiry date will be on the statement.

      If the mortgage is due to redeem after the statement expiry date, you need to request a new redemption statement.

      If you redeem your mortgage between 1 and 30 days after the redemption statement issue date, you need to add the account's daily interest rate (shown in the statement) to the redemption amount. For example, if you redeem 11 days after the issue date, you need to add 11 days of daily interest.

    • What are the charges associated with redeeming my mortgage account?

      To understand any redemption fees that apply to your account, please check your mortgage offer pack and redemption statement.

      The costs and fees that may apply:

      • Early repayment charges (ERC)
      • Administration fee, called a mortgage exit fee
    • When does my Early Redemption Charge (ERC) period end?

      Please refer to your official mortgage offer pack. The section will be titled 'What happens if you do not want this mortgage anymore' or ‘Early Re-payment’ and provides full details.

    • What happens with the ERC if the borrower is deceased?

      In this situation, any early repayment charge will be waived.

    • Do you accept payment by cheque for the final redemption payment?

      We do accept cheques to make the final redemption payment.

      If you make the final payment by cheque you need to add the daily interest for 5 extra days, to allow for the cheque to clear. The redemption statement confirms the daily interest for your account.

    • How do I arrange a bank transfer for the final redemption payment?

      You’ll need to provide your bank with the account details shown on your redemption statement. Your bank will then forward the funds to us.

    • Why have you requested additional information about the source of funds?

      We occasionally ask for further information, as we are required to show evidence of source of funds due to anti money laundering legislation.

      For example, if you are using savings, we may ask to see bank statements that evidence the build-up of this money in your account.

    • What happens when my mortgage account is closed?

      After we receive the full settlement amount, we will arrange for our Legal Charge on your property to be released, and then write to you or your solicitor if they are acting on your behalf to confirm your mortgage is redeemed.

      If you're moving out of the mortgaged property, please let us know your new address to make sure you receive any final correspondence from us.

      If your property is in Scotland or Northern Ireland, you need to appoint a solicitor to help manage the final part of the redemption on your behalf. Once the mortgage is repaid in full, your solicitor needs to prepare an application to arrange for the Standard Security or Legal Charge to be removed from official land records; referred to as discharging. Once this has been completed your solicitor will notify you that the Standard Security or Legal Charge has been discharged.

      For properties in Scotland, we can appoint a solicitor to manage this for you and our team will confirm the cost.