You can completely pay off your mortgage before the end of your term; this is known as a mortgage redemption.
What to expect when paying off your mortgage
When you want to pay off your mortgage, you'll need to request a redemption statement. This will show the exact amount you owe including any fees that you need to pay, on the date you intend to repay the mortgage.
If a solicitor is dealing with the redemption for you, they can request this directly from us and provide confirmation they are acting on your behalf to close the account should we need further information.
Fees and charges
You may have to pay an Early Repayment Charge (ERC), more information about this can be found on your mortgage offer. These do not apply in the last month of your product, the end date of when the ERC applies will be shown on your redemption statement.
Other fees may also apply; these will be listed on your statement or you can view our tariff of charges.
Direct Debits and Standing Orders
Please do not cancel your direct debit as this may cause a shortfall in the amount of money needed to repay the mortgage. We'll cancel your mortgage Direct Debit for you once the account is closed.
If you pay by Standing Order, please only cancel this once you receive confirmation that the mortgage account is closed.
You can request a redemption statement dated up to 30 days in advance.
The amount shown is valid until the date printed on the statement but won’t include any scheduled payments or overpayments you make between requesting the statement and the date you requested the statement for.
If we receive your payment after the statement date, additional interest will be charged.
This could result in a shortfall if the payment doesn’t cover the updated amount. You can use the Daily Interest Rate shown on your statement to estimate your new balance.
We'll send the statement to the email address we have on record for you within 5 working days. If your email address needs updating, please let us know before you Complete the statement request form (opens in a new window) by calling us on 0345 606 40 60.
Important:
Redemption payments can only be accepted from a UK bank account in the name of at least one of the mortgage account holders. We do not accept redemption payments from a limited company unless a limited company is named on the mortgage account.
Use these details to pay us, depending on the type of mortgage you have. Please ensure you input these details correctly.
Please use your mortgage account number as the payment reference.
| The Mortgage Works mortgages |
Derbyshire Home Loans Ltd mortgages |
E-Mex mortgages |
|
Account name: The Mortgage Works UK PLC
Sort code: 20 12 04
Account number: 00028991
Account type: Business
|
Account name: Derbyshire Home Loans Limited
Sort code: 20 12 04
Account number: 43695301
Account type: Business
|
Account name: E-Mex Home Funding Limited
Sort code: 20 53 85
Account number: 13797147
Account type: Business
|
Once we've received your redemption payment, we aim to close your account, release the title and send your account closure letter within 20 working days.
If you send too much money, we aim to refund any overpayments as soon as possible. We'll send a refund to your bank account within 10 working days, this allows for any final Direct Debit payments to clear, which can take up to 7 working days.
