Mortgage redemption

You can completely pay off your mortgage, also known as a mortgage redemption, before the end of its term.

What to expect when paying off your mortgage

Direct Debits and Standing Orders

Please do not cancel your Standing Order until after your mortgage has been paid off in full. We’ll cancel your mortgage Direct Debit after the account is closed.

If you do pay by Standing Order, please remember to cancel this once your mortgage is paid off in full.

Fees and charges

If you’d like to pay off your mortgage before the terms ends, first check if you'll need to pay any Early Repayment Charges.

You may also have to pay a redemption administration charge. You can find our fees and charges in our tariff of charges.

Your mortgage offer will show any Early Repayment Charges you’ll need to pay, and you’ll get an exact figure on your redemption statement.

Request a redemption statement

When you want to pay off your mortgage, you’ll need to request a redemption statement. It will show how much you still owe on your mortgage, any Early Repayment Charge, and any mortgage exit fee you need to pay.

Complete the statement request form and we’ll send your statement to the email address we have on record for you. It can take up to 5 working days. If your email address needs updating, please let us know before you complete the form, by calling us on 0345 606 40 60.

Your redemption statement can be dated up to 30 days ahead of the day you request it. It is valid for 30 days or until you make a payment, such as your regular monthly payment or an overpayment. Your redemption statement will not include any payments that are due to be collected after the date the statement is issued for.

Any payment you make will change your outstanding balance. If you make a payment, you can use the Daily Rate of Interest included on your redemption statement to work out your new outstanding balance.

Making redemption payments

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.

The figure quoted on your redemption statement is only valid until the date stated.

If we receive your payment after this date, you’ll be charged additional interest. This could lead to a shortfall if not enough money is sent.

Your redemption statement will not include any payments that are due to be collected after the day the statement is issued.

If you send too much money, we’ll send a refund to your bank account within 10 working days. This includes allowing for any final Direct Debit payments to clear, which can take up to 7 working days. We aim to refund any overpayments as soon as possible.

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 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

Source of redemption funds

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.