What's a Redemption Statement?

What is a redemption statement? The redemption statement tells you how much you have left to pay on your mortgage, any interest due and any associated fees. If you're paying off your mortgage, it's the total bill you'll need to pay. If you're re-mortgaging, it's the amount you'll need to borrow.

How long does it take to get a redemption statement?

It normally takes about five days to receive a mortgage redemption statement from you mortgage lender. The statement will normally only be valid for four weeks or until the end of the current month. This is because the amount you owe will change due to daily interest and your monthly repayments.

When should you get a redemption statement?

If you want to pay your mortgage off in full or if you're in the process of re-mortgaging to another provider you'll need a redemption statement. This will typically contain your current mortgage balance, outstanding interest, daily rate of interest and any Early Repayment Charges (ERCs) if applicable.