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 Direct Debit or Standing Order. 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. Any overpayments will be refunded within 20 working days.

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 (ERCs).

Your mortgage offer will show any ERC you’ll need to pay, but to get the exact figure, you can call us.

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

Request a redemption statement

When you want to redeem 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 (ERCs) and any mortgage exit administration fee you need to pay.

To request a redemption statement, email us at and include:

  • your name(s)
  • the mortgage account number
  • the anticipated completion date
  • how you are going to fund paying off your mortgage
  • reason for leaving.

Make sure to put ‘Redemption statement’ and your mortgage account number in the email subject line. We’ll send you the redemption statement back via email.

We need at least 5 working days to process your request before we can issue the redemption statement.

Redemption statements can be future dated up to 30 days in advance and are valid for 30 days or until a payment has been made (overpayment or monthly payment). The daily rate of interest (DRI) can be added for each day after the date on the statement.

Making redemption payments

The figure quoted on your redemption statement is only valid for 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 20 working days.

Use these details to pay us, depending on the type of mortgage you have. Please ensure you input these details correctly.

The Mortgage Works mortgages  Derbyshire Home Loans Ltd mortgages E-Mex mortgages

Account name: TMW
Sort code: 20-12-04 
Account number: 00028991
Account type: Business

Account name: DHLL
Sort code: 20-12-04
Account number: 43695301
Account type: Business

Account name: E-Mex
Sort code: 20-53-85
Account number: 13797147
Account type: Business

Please use your mortgage account number as the reference.

Redemption payments can only be accepted from a bank account in the name of at least one of the account holders, or the limited company named on the mortgage account.

After you have sent your payment, we’ll send you written confirmation within 20 working days from the date we get your payment.