Halifax redemption statement (How to)
Getting your Halifax redemption statement
Your Halifax redemption statement can be requested by you or your conveyancer.
You can usually request your Halifax redemption statement by calling Halifax directly and requesting your Halifax redemption statement.
If your Mortgage was processed by Halifax but isn’t actually provided by Halifax then you should contact the mortgage lender stated on your monthly mortgage statement.
Upon receiving your request for your Halifax redemption statement, Halifax will ask you what date you want to repay your mortgage so they can give you an exact figure that includes all costs and charges up to that date.
You should usually request your Halifax redemption statement from Halifax at least 5 days before the date you plan on redeeming your mortgage.
If you request your Halifax redemption statement from Halifax and they refuse to give this to you, you could report them to the financial ombudsman.
Mortgage fraud is pretty rampant these days so you should not supply a mortgage account number with Halifax or personal details without being absolutely sure as to the legitimacy of the site.
Once your Halifax mortgage has been redeemed you will be provided with a form of discharge or a DS1 within 7 days of redeeming your Halifax mortgage.
What is a mortgage redemption statement?
A redemption statement is a statement given to you by your mortgage lender (In this case Halifax) so you can redeem your mortgage.
Redeeming your mortgage means paying your mortgage in full to bring your mortgage account to a close.
You will usually need to do this when buying a new house and selling your current mortgaged property(which in this case is mortgaged by Halifax) without porting your mortgage.
Your conveyancer will usually have to request your mortgage redemption statement from Halifax and will then redeem the mortgage by sending over the funds received from the buyer of your home to Halifax after reviewing the Halifax redemption statement.
If you are looking to get a new mortgage then consider speaking to a mortgage broker rather than going directly to a mortgage lender as mortgage brokers may have access to tens of thousands of products in comparison to the few products each mortgage lender may offer.
Guidance on final payments when getting your Halifax redemption statement
Most mortgage lenders such as Halifax have different requirements regarding final mortgage payments before the date on which you redeem your mortgage.
If your mortgage is to be redeemed in the middle of the month then most lenders will still require that you make the monthly mortgage repayment for that month.
You should find out if this is the case with your mortgage lender as it will avoid you cancelling your direct debit and having a missed payment recorded on your credit file out of ignorance.
It will also let you know when you should redeem your mortgage to avoid wasting money paying for the final month.
Some mortgage lenders will exclude future payments when calculating redemption figures but there is no way for you to know what approach your mortgage lender will take for sure without asking as most mortgage lenders hide this information in the fine print of their mortgage agreement with you.
The redemption statement might give you an indication on which approach your mortgage lender may be using but getting confirmation in writing will be your best way to avoid making any mistakes at such a crucial stage.
This page will provide you with more information on the Halifax redemption process from your conveyancer’s point of view.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.