We’ll send you a letter before your mortgage is due to end. It’ll let you know how much you need to pay to close your account(s), including any fees you may need to pay. Have a look at our Tariff of Mortgage Charges for details.
The process of paying off your mortgage is known as redeeming or redemption. You can do this in one of two ways:
- Wait until your mortgage is due to end.
- Pay off your mortgage early. You can do this at any time. You must pay an Early Repayment Charge (ERC) if your interest rate is fixed. You’ll find the details of your rate and ERC in your hub or mortgage Offer.
What happens when my mortgage ends?
- If you pay by Direct Debit, we’ll cancel the agreement with your bank within five working days of receiving your final payment. We may not be able to stop the Direct Debit if it’s due within ten days of you making your payment. You must make sure you have enough money in your bank account to pay the amount due and avoid any fees being charged by your bank. We’ll then refund anything overpaid within ten working days.
- If you pay by Standing Order, you need to cancel your payments by contacting your bank. Any overpayments will be refunded within ten working days.
We’ll send you a redemption statement about six weeks before the end of your mortgage. This shows how much you need to pay to close your account(s) on a specified date.
- If you have an interest only mortgage, you’ll still need to pay off the amount outstanding on your mortgage when it comes to an end. You need to make sure you can repay the balance plus any fees to close your account. Visit our interest only page for details.
What should I do if I want to pay off my mortgage early?
You’ll need to ask us for a redemption statement. It will include an ERC if you need to pay one and any fees you must pay – see our Tariff of Mortgage Charges for details.
Your solicitor will ask for a redemption statement for you, if you’re using one. You should speak to them about their process when closing your mortgage account.
How do I get a redemption statement?
You can request a statement whether or not you have a solicitor. Just submit an online form using:
You’ll need to tell us how you’re paying off your mortgage when you fill in the form. Choose one of the options below:
- New property / same lender
Moving property – Taking out a new Bank of Ireland mortgage - Porting
Moving property – Moving your mortgage to a different property - Re-arrangement
Same property – Where your mortgage is switched to a new Bank of Ireland account - Remortgage to another lender
Same property – Taking out a new mortgage with a different lender - Capital reduction
Same property – Make a lump sum payment on your mortgage. Also known as a part redemption - Sale of property
Moving property – Paying off your mortgage in full and taking out a new mortgage with a different lender - Own funds
Same property – Paying off your mortgage in full, using your own money - Policy maturity
Same property – Paying off your mortgage with money paid out from an endowment or insurance policy - Full term redemption
Same property – Paying off the amount you borrowed and any fees when your mortgage ends
How do I pay the final amount to close my account?
Your solicitor will let you know what needs to be paid if you use one to close your account.
If you don’t have a solicitor, the final amount will be shown on your redemption statement. It will include any fees and charges you must pay. You can make this payment through your hub or below. You must make your payment by bank transfer if your payment is over £12,000.
What happens once you have my payment?
It may take a few days for your payment to show on your mortgage account.
You’ll get a refund within ten working days if the amount you’ve paid is too much. We’ll do this automatically so there’s no need for you to get in touch.
We’ll contact you within ten working days if you haven’t paid enough.
Your title deeds are official documents about your property.
We’ll return your deeds once your mortgage is paid off if we hold them. We’ll send them to:
- Your solicitor, if you’re using a legal firm to close your account
- You, if you’re not using a solicitor. You’ll get a form to sign and send back to us before we return your deeds.
You can see whether we hold your deeds in your hub. They may be held with a solicitor if we don’t have them.