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How is my redemption statement calculated?

Your redemption calculation will be based on your mortgage balance as shown on your last annual statement, it will also factor in:

  • Any new or additional borrowing arranged
  • Interest since your last annual statement up to and including
  • Early Repayment Charges (as explained in your Offer of Loan)
  • Sealing fee charge (if applicable)
  • Total mortgage payments made since your last annual statement

Any monthly payments received, additional borrowing you've arranged or charges added after you have submitted the request won't be included in the 'Total mortgage payments made'.

If your anticipated redemption date falls on or before the end of your existing fixed rate, you may find that an Early Repayment Charge has been applied.

Please don't cancel your Direct Debit agreement if you choose to repay the mortgage balance in full. If the date the mortgage is repaid falls within 10 days of the agreed monthly payment date, we'll still collect your anticipated mortgage payment. If you've overpaid as a result of this, we'll automatically refund the overpayment to you. Your account won't be fully repaid until all payments we receive have cleared.

The statement is valid for four weeks from the redemption statement date, and the interest is calculated up to the anticipated redemption date. The figure you pay may vary depending on the actual redemption date.