Paying off your mortgage

Otherwise known as ‘Redemption’ – this is when you have finally repaid your loan and the mortgage is discharged. If you want to repay your mortgage before the end of the agreed term, you will need to ask us for a redemption statement, which will be calculated for the day you anticipate making the final payment. Interest will be charged to the date the loan is repaid and will be specified in the statement. The statement will also include details of:

• a discharge and sealing fee, as shown in our Mortgage Services Tariff, which is charged to cover the closing administration costs.
• any early repayment charge which may be payable, subject to the specific terms of the mortgage product applied to your loan.

To find out how much you will have to pay to redeem your mortgage, please enter your details by clicking here and we will prepare a statement to send to you by post. We will need your name and mortgaged property address, mortgage account number and the date on which you think you will be repaying your loan.

You may be interested to know that the Society offers a facility to retain your Deeds provided you keep a nominal mortgage balance of £1 outstanding. This has the following advantages:

• Safe custody of your Deeds  
• Any requirement for future borrowing against the property can be arranged under the original mortgage Deed keeping costs and formalities to a minimum

This facility is available free of charge to borrowers who continue to insure their property through the Society or one of it's subsidiaries, or maintain the stipulated balance of at least £2,500 in a Society savings account. If this is not the case, then the facility is still available subject to an annual charge, which is automatically debited to the loan account after the 1st May each year. See our Mortgage Services Tariff, for details of our current charges.

Following the final repayment from you (unless you have opted to leave £1 outstanding for our Deeds Retained facility) we will arrange for the legal charge to be removed. This can take up to 2 weeks, after which we will contact you to arrange for your Deeds to be returned to you.

PLEASE NOTE: If solicitors are acting for you in the sale of your property or a re-mortgage, they will request a redemption statement and send the funds on your behalf, so no further action is required by you. In this instance, copies of all redemption statements sent to your solicitors will be forwarded to you as well.