In this brief guide, we will discuss what a mortgage redemption statement is and how to go get a mortgage redemption statement.
Mortgage redemption statement
If you want to pay off your mortgage (redeem your mortgage)then you will need to request a mortgage redemption statement from your mortgage lender. You will need to tell the mortgage lender when you want to repay the mortgage.
The mortgage lender will provide you with a mortgage redemption statement which states how much you will have to pay to redeem your mortgage. It will also state any fees which you will need to pay to close your mortgage account.
The mortgage redemption statement will usually be issued immediately and sent to you via email and post. It will also usually only be valid for about 4 weeks. You will need to redeem your mortgage within 4weeks if not you will have to request a new mortgage redemption statement.
What is a mortgage redemption statement?
A mortgage redemption statement is a statement which your mortgage lender gives you so you can redeem your mortgage. When you redeem your mortgage you will essentially be bringing your mortgage account to a close
You will need a mortgage redemption statement when you want to remortgage or if you simply want to clear your mortgage balance in full.
Your conveyancer will be the one who will request your mortgage redemption statement from your mortgage lender but you can also do this yourself.
The format of a mortgage redemption statement is now uniform across all mortgage lenders and will contain the same information although its arrangement and visual presentation may be different from one mortgage lender to another.
When redeeming a mortgage due to a remortgage or due to clearing a mortgage balance with no other connecting acts then the solicitor will be required to provide an undertaking to the mortgage lender.
When buying a home the buyer’s solicitor will usually want to see the mortgage on the property discharged before they release the complete purchase funds but this is usually impossible as most mortgage lenders will only discharge the mortgage and provide a Land registry DS1 form when the mortgage balance has been cleared in full.
This means the seller’s solicitor will usually have to provide an undertaking for the buyer’s solicitor.
It goes like this: “In consideration of your today completing the purchase of ……… WE HEREBY UNDERTAKE
forthwith to pay over to ………… [the lender] the money required to redeem the mortgage/legal
charge dated ………. and to forward the receipted mortgage/legal charge/form DS1 to you as
soon as it is received by us from …………[the lender].”
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.
Issues with mortgage redemption statements:
Mortgage redemption statements are typically plagued with the below issues:
A mortgage lender may misinform a borrower and cause them to cancel their direct debits early and hence miss a mortgage payment
Mortgage lender could miscalculate the total redemption amount.
Tips on final payments when getting a mortgage redemption statement
Most mortgage lenders 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 mortgage 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 mortgage redemption statement might give you an indication on which approach your mortgage lender may be using but getting a confirmation in writing will be your best way to avoid making any mistakes at such a crucial stage.
How to get a mortgage redemption statement?
To get a mortgage redemption statement you should simply contact your mortgage lender and ask them for one.
You can do this by phone or by post.
Different mortgage lenders have different contact options for getting a mortgage redemption statement.
Below is a list of the contact options as compiled by the Council of mortgage lenders.
|Lender||Mortgage redemptionstatement contact|
|Accord Buy to Let||Customer Services Team, Accord Buy to Let, PO BOX 869, Newport, NP20 9GY|
|Accord Mortgages Ltd||Customer Contact Centre, Accord Mortgages Limited, Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. DX 11798 Bradford.(0345 1 200 872). You can also request a redemption statement online at www.accord.com/lawyers|
|Adam & Company||See 1.11|
|Adam & Company International||See 1.11|
|Ahli United Bank (UK) plc||Central Administration Unit|
|Aldermore Bank PLC||As 14.2.1.|
|Allied Irish Bank (GB), a trading name of AIB Group (UK)||Refer to AIB Group (UK) plc, Central Securities (GB)|
|Atom Bank plc||Digital Mortgages, PO Box 105, Blyth, NE24 9DU or if you have any queries please call 0333 399 0050|
|Aviva Equity Release UK Ltd||See 1.11.|
|Bank of Ireland (UK) plc||Mortgage Services Department, Bank of Ireland UK, PO Box 3191, One Temple Quay, Bristol, BS1 9HY. Tel No 0845 6027056; Fax No 0117 943 6555. DX 98850 Bristol 2.|
|Bank of Ireland as Bank of Ireland Mortgages||Mortgage Services Department, Bank of Ireland UK, PO Box 3191, One Temple Quay, Bristol, BS1 9HY. Tel No 0845 6027056; Fax No 0117 943 6555. DX 98850 Bristol 2.|
|Bank of Scotland Beginning A||www.halifax.co.uk/conveyancers|
|Bank of Scotland Beginning O||www.halifax.co.uk/conveyancers|
|Barclays Bank UK PLC||Residential Mortgages -Barclays Mortgage ServicesPO Box 8575LeicesterLE18 9AW|
Buy to Let –If account number has 6 digits use this address:-Barclays Mortgage ServicesBuy To LetPO Box 274LeedsLS11 1FR
If account number has 10 digits use this address:-Barclays Mortgage ServicesBuy To LetPO Box 8575LeicesterLE18 9AW
|Barnsley Building Soc, a trading name Yorkshire Building Soc||Customer Contact Centre, Barnsley Building Society, Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. DX 11798 Bradford. (0345 1 200 898). You can also request a redemption statement online – www.ybs.co.uk/legal/lawyers/html|
|Bluestone Mortgages||As per 14.2.1.|
|Bradford & Bingley Plc||Redemptions Team – PO Box 629, Durham, DH1 9JQ – Tel: 0330 1592590, Fax: 0330 1591978|
|Britannia, a trading name of The Co-operative Bank plc||Existing Mortgage Business, Britannia, Britannia House, Leek Staffordshire Moorlands ST13 5RG or Existing Mortgage Business, C030, Britannia DX 16351 Leek|
|Buckinghamshire Building Society||Buckinghamshire Building Society, High Street,Chalfont St Giles, Bucks,HP8 4QBe-mail [email protected]: 01494 879517Fax: 01494 877259|
|Capital Home Loans||Customer Services, Capital Home Loans Ltd, Admiral House, Harlington Way, Fleet, Hants, GU51 4YA|
|Chelsea Building Society (a trading name of Yorkshire BS)||Customer Contact Centre, Chelsea Building Society, Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.DX 11798 Bradford.|
|Clydesdale Bank plc||Mortgage ServicesPO BOX 3105ClydebankGlasgowG60 9AUTel – 0800 121 4203|
|Co-operative Bank plc||Existing Mortgage Business, The Co-operative Bank, Britannia House, Leek, Staffordshire Moorlands ST13 5RG or Existing Mortgage Business,The Co-operative Bank DX16351 LEEK|
|Coutts Finance Co||See 1.11|
|Coventry Building Society||Existing Lending & Insurance, P.O. Box 600 Oakfield House, Binley Business Park, Coventry CV3 9YR or DX 18855 Coventry 2.Tel. 0800 1218899Fax. 02476 839300|
|Cynergy Bank||Mortgage Servicing Team27-31 Charlotte Street, London, W1T [email protected]|
|Darlington Building Society||Customer Support Department, Principal Office.Please advise reason for redemption e.g. sale, remortgage, inheritance|
|DB UK Bank Ltd||db mortgagesPO Box 890NewportNP20 9LZTel: 0845 650 6281DX Address – not available|
|Dudley Building Society||As 1.11a, however please use the following email instead:[email protected]|
|Earl Shilton Building Society||Refer to Mortgage Dept at Head Office – Earl Shilton 01455 844 422|
|Ecology Building Society||As 1.7|
|Family Building Soc (a trading name of National Counties BS)||Family Service Team, Ebbisham House, 30 Church Street, Epsom, Surrey KT17 4NLDX 30729 EPSOM|
|Fleet Mortgages||Mortgage Services on 01252 916776 [email protected]|
|Foundation Home Loans||Customer Services Department, Foundation Home Loans Limited, 5 Arlington Square, Downshire Way, Bracknell, Berkshire RG12 1WA or DX 122530 Bracknell (2). Email:[email protected]: 0344 770 8030|
|Furness Building Society||Mortgage Redemptions at address shown in 1.11.|
|GE Money Home Lending Ltd||Redemptions Department. Note: When we refer to Redemptions Department as a contact point, please address your communication to GE Money Home Lending Limited, Building 4 Hatters Lane, Croxley Green Business Park, Watford, Hertfordshire, WD18 8YF, DX123800 Croxley 1|
|Godiva Mortgages Ltd||Existing Lending & Insurance, P.O. Box 600 Oakfield House, Binley Business Park, Coventry CV3 9YR or DX 18855 Coventry 2.Tel. 0800 1218899Fax. 02476 839300|
|Habito||Hey Habito LimitedPO Box 11731 George StreetUxbridgeUB8 9BW|
|Halifax Loans Ltd||Halifax Loans Limited, Trinity Road, Halifax, HX1 2RG|
|Hampden & Co. plc||See 1.11|
|Handelsbanken||Refer to the Branch office instructing you.|
|Harpenden Building Society||As 1.11a|
|Hinckley and Rugby Building Society||Principal Office, Mortgage Department, Advances Section.|
|Hodge Equity Release||Mortgage Lending Department,Hodge Life,One Central Square,CARDIFF,CF10 1FS|
|Hodge Life||Mortgage Admin,Hodge Life, PO Box 1017,IPSWICHIP1 9WT|
0800 208 9358
|Holmesdale Building Society||Lender.|
|HSBC UK Bank plc|
|Intelligent Finance||Securities, Intelligent Finance, PO Box 890, Leeds, LS1 9UG|
|Investec Bank plc||Please write to:Investec Private BankPrivate Bank Lending Operations (Servicing team)30 Gresham StreetLondonEC2V 7QP.|
|ITL Mortgages||Existing Lending & Insurance, P.O. Box 600 Oakfield House, Binley Business Park, Coventry CV3 9YR or DX 18855 Coventry 2.Tel. 0800 1218899Fax. 02476 839300|
|JPMorgan Chase Bank, N.A.||Refer to Solicitor Instructions.|
|Kensington Mortgage Company Ltd||Redemption Department, Kensington Mortgage Company Ltd, PO Box 4760, Maidenhead, SL60 1HU.|
|Kent Reliance (a trading name of OneSavings Bank plc)||Lending Department. See address at 16.5.3a|
|Keystone Property Finance||Keystone Property Finance Limited, P O Box 1175 Harmon House 1 George Street Uxbridge, UB8 9BY Tel: 0345 877 8913|
|Landbay||Customer Services Department, Landbay Partners Ltd PO Box 1090 Ipswich IP1 9DW|
|Landmark Mortgages Limited||Redemptions ManagerLandmark MortgagesPO Box 656DurhamDH1 9LY|
Tel – 0330 159 7172
|Leeds Building Society||Initial requests for redemption statements must be made in writing to Mortgage Administration Department (as per 16.5.2).If a written request has been made within the last three months, you can call our Contact Centre on 03450 50 50 75 who will be able to issue a revised statement. After three months a new written request must be made.|
|Legal & General Home Finance Ltd||Administration Department.|
|Lloyds Bank plc pre fixed 20/40||www.halifax.co.uk/conveyancers|
|Lloyds Bank plc pre fixed 50/30/77||www.halifax.co.uk/conveyancers|
|Lloyds TSB Scotland plc||Please see 16.3.2 above and give at least 5 days notice from making the request.|
|M&S Bank||M&S Bank, PO Box 12, Skipton, BD23 2HL. Telephone Number 0345 002 1128 Fax 0345 111 0322|
|Manchester Building Society||Mortgage Customer Services Department.|
|Market Harborough Building Society||As per 16.3.2|
|Masthaven Bank||As per 14.2.1.|
|Metro Bank plc||Mortgage Admin Team, Metro Bank PLC, PO Box 1130, Uxbridge, UB8 9XX or by calling 0345 319 1200.|
|Molo Finance Buy to Let Mortgages||Mail: [email protected]: 0330 0583322|
|Monmouthshire Building Society||Mortgage Servicing DepartmentMonmouthshire Building SocietyMonmouthshire HouseJohn Frost SquareNewportNP20 1PX|
|Mortgage Agency Services||Mortgage Agency Services PO Box 138 Plymouth Devon PL1 1XY|
|Mortgage Express||Redemptions – PO Box 629, Durham, DH1 9JQWhere the customer account number is 9 digits and does NOT begin with a 2 then requests should be made to Mortgage Express, PO Box 629, Durham, DH1 9JQ – Tel. 0330 1592591 / Fax: 0330 159 1978|
|Mortgage Express No 2|
|National Counties Building Society||Mortgage Account Service Team, Ebbisham House, 30 Church Street, Epsom, Surrey KT17 4NLDX 30729 EPSOM|
|National Westminster Bank plc||For NatWest Personal Mortgages all requests for a Redemption Statement must be submitted online using our Redemption Statement Request Form. We no longer accept requests by any other method i.e. fax, telephone or post. You will find the form on the conveyancers website at www.natwest.com/conveyancers. Please note this does not include Offset Mortgages, for these requests please write to us or call us at the contact point below –|
Offset Flexible Mortgage -NatWest Offset Redemptions Team, Amsterdam Place, Amsterdam Way, Norwich, NR6 6JA.Telephone: 0345 300 4012Fax: 0870 400 9625
|Nationwide Building Society||Redemption Statements should be ordered through www.nationwide.co.ukLawyers Information – Request for Redemption Statement|
|Nedbank Private Wealth Ltd||Please refer to us for instructions.|
|New Street Mortgages||New Street Mortgages, PO Box 4760, Maidenhead, SL60 1HU. Tel: 0333-300-3100, Fax: 0333-300-3132, email: [email protected]|
|NRAM Ltd||Redemptions ManagerNRAM Mortgage OperationsPO Box 629, Durham, DH1 9JJ|
Telephone: 0330 159 9610Fax: 0330 159 1977
|Paragon Buy to Let Mortgages||As 16.3.2|
|Paragon Residential Owner-Occupied Mortgages||As 16.3.2.|
|Paratus AMC Ltd||Customer Services Department, Foundation Home Loans Limited, 5 Arlington Square, Downshire Way, Bracknell, Berkshire RG12 1WA or DX 122530 Bracknell (2). Email:[email protected]/ Tel: 0344 770 8030|
|Parity Trust||As 1.7|
|Pepper Money||Please contact Pepper Money, Servicing Department Harman House, 1 George Street, Uxbridge, Middlesex, UB8 1QQ|
|Pepper Money (PUK)||Please contact Pepper Money, Servicing Department Harman House, 1 George Street, Uxbridge, Middlesex, UB8 1QQ|
|Platform (a trading name of The Co-operative Bank p.l.c.)||Refer to Customer Services Dept, PO Box 237, Plymouth, PL1 1WG or DX 133791 Plymouth 13|
|Precise Mortgages (Charter Court Financial Services Ltd)||Mortgage Servicing Team at PO Box 6075 , Wolverhampton, WV10 6TD or 0800 298 5714|
|Principality Building Society||Mortgage Administration DepartmentPO Box 89Queen StreetCARDIFFCF10 1UA0330 333 4000|
|Rooftop Mortgages Ltd||Refer to the Solicitors instructions.|
|Saffron Building Society||As 1.11|
|Sainsbury’s Bank||Sainsbury’s Bank Mortgages, PO Box 12, Gateway House, Gargrave Road, Skipton, BD23 2HL|
|Santander UK plc||Refer to Mortgage Operations office instructing you (The borrower should be able to confirm which Mortgage Operations office controls their mortgage account).|
|Scottish Building Society|
|Scottish Widows Bank||Mortgage Customer Services Department (see 16.3.2).You can also request a redemption statement online at https://www.scottishwidows.co.uk/secure/forms/bank/conveyancers/redemption-statement|
|Secure Trust Bank PLC||As 14.2.1|
|Skipton Building Society||Customer Delivery Mortgage Repayments Team|
|St James Place Bank||Mortgage Administration, St James’s Place Bank, Administration Centre, PO Box 1869, Livingston EH54 7XS|
|State Bank of India UK||State Bank of India, Redemptions Team, PO Box 1018, Ipswich, Suffolk, IP1 9WJ.|
|Swansea Building Society||11/12 Cradock StreetSwanseaSA1 3EW01792 739100|
|Tesco Bank (a trading name of Tesco Personal Finance plc)||Tesco Bank, Mortgage Operations, PO Box 353, Darlington, DL1 9QR|
|The Mortgage Business||The Mortgage Business, PO Box 548, Leeds LS1 1WU Fax no. 0845 6039009|
|The Mortgage Lender Limited||[email protected]|
Tel: 0344 257 0426
|The Mortgage Works||Accounting Servicing|
|The Royal Bank of Scotland plc||For RBS Personal Mortgages all requests for a Redemption Statement must be submitted online using our Redemption Statement Request form. We no longer accept requests by any other method i.e. fax, telephone or post. You will find the form on the conveyancers website at www.rbs.co.uk/conveyancers. Please note this does not include Offset Mortgages, for these requests please write to us or call us at the contact point below –|
Offset Flexible Mortgage – RBS Offset Redemptions Team, Amsterdam Place, Amsterdam Way, Norwich, NR6 6JA. Telephone: 0345 300 4013Fax: 0870 400 9625
|The Royal Bank of Scotland plc Direct Line Mortgages||Direct Line Customer Services, Amsterdam Place, Amsterdam Way, Norwich, NR6 6JA.Telephone 0845 300 1400Fax 0870 400 9625|
|The Royal Bank of Scotland plc Direct Line One||Customer Services, Amsterdam Place, Amsterdam Way, Norwich, NR6 6JA. DX 719560 Norwich 15Telephone: 0870 4009696Fax: 0870 4009625|
|The Royal Bank of Scotland plc First Active||First Active Customer Services, Amsterdam Place, Amsterdam Way, Norwich, NR6 6JA.Telephone 0845 303 0200Fax 0870 400 9625|
|The Royal Bank of Scotland plc Natwest one Account||Customer Services, Amsterdam Place, Amsterdam Way, Norwich, NR6 6JA. DX 719560 Norwich 15Telephone: 0870 400 9696Fax: 0870 400 9625|
|The Royal Bank of Scotland plc One Account||Customer Services, Amsterdam Place, Amsterdam Way, Norwich, NR6 6JA DX 719560 Norwich 15Telephone: 0870 4009696Fax: 0870 400 9625|
|The Royal Bank of Scotland plc Virgin One||Customer Services, Amsterdam Place, Amsterdam Way, Norwich, NR6 6JA. DX 719560 Norwich 15Telephone: 0870 4009696Fax: 0870 400 9625|
|The Tipton & Coseley Building Society||Administration Department.|
|Together Personal Finance Limited||Customer Care TeamTogether Personal Finance Limited1st Floor, Lake ViewLakesideCheadleCheshireSK8 3GWEmail: [email protected]: 0161-933-7403Fax: 0161-956-3275|
|Topaz Finance Ltd||Topaz Finance LimitedGateway House, Gargrave Road,Skipton,North Yorkshire,BD23 2HL0345 389 1672|
|TSB Bank plc||Please see 16.3.2 above and give at least 5 days notice from making the request.|
|Ulster Bank Ltd||UBS Statement Team, PO Box 123, Greenock, PA15 1EFDX 599600,Greenock 3Telephone: 08457 212600Fax: 0131 523 9559|
|Vida Homeloans||Mortgage Services,Vida Homeloans,Gateway House,Gargrave Road,Skipton,North Yorkshire,BD23 2HL|
|Virgin Money||Existing MortgagesVirgin MoneyJubilee HouseGosforthNewcastle upon TyneNE3 4PL|
or DX 60350 Gosforth 2
Solicitors Helpline: 0345 604 4858Fax: 0191 213 4444
|Whistletree (a trading name of TSB Bank plc)||Details as 1.11a|
|Yorkshire Bank Home Loans Ltd||Mortgage ServicesPO BOX 3105ClydebankGlasgowG60 9AUTel – 0800 121 4203|
|Yorkshire Building Society||Customer Contact Centre, Yorkshire Building Society, Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.DX 11798 Bradford. (0345 1 200 200). You can also request a redemption statement online -www.ybs.co.uk/legal/lawyers/html|
|Zephyr Mortgages||As per 1.11|
What is a mortgage redemption fee?
A mortgage redemption fee is a fee some mortgage lenders may charge you when you request a mortgage redemption statement and then go on to redeem your mortgage. It is essentially an administration fee for the work involved in closing your mortgage account.
Mortgage redemption calculator
You may be able to find a suitable mortgage redemption calculator online which will help you see if the mortgage redemption amount plus fees you are being charged offer you the best value in comparison to remortgage to a new deal.
A mortgage redemption calculator could also let you know how much you may need to pay to redeem your mortgage.
In this brief guide, we discussed what a mortgage redemption statement is. If you have any questions or comments please let us know below.
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.