Reedeming is when you pay off your mortgage before the end of the term. This may be because you’re in a position to pay back the loan yourself, or if you’re switching providers, your new provider will redeem your current mortgage when transferring the loan to themselves.
When you're looking to pay your mortgage off in full whatever the reason, you will need to go through the mortgage redemption process.
Not looking to pay off your mortgage in full?
If you’re not looking to pay off your mortgage in full, but wanting to switch your mortgage to another provider, why not speak to us first?
We may be able to help you with:
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Changing your mortgage deal
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Borrowing more
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Moving home
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Transferring your mortgage to Interest Only
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Making changes to the term of your loan
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Changes to your financial circumstances/difficulties paying your mortgage
Ready to arrange an appointment?
Tell us about your mortgage needs and arrange an appointment with a Mortgage Adviser to discuss how you could achieve them.
Paying off your mortgage in full
Alternatively, if we are unable to help you and you are looking to repay (redeem) your mortgage, please call our team on 0345 600 5157 to ask for a redemption statement. Our lines are open 8am - 6pm, Monday to Friday. Calls to 03 numbers cost the same as a call to a standard ‘01’ or ‘02’ landline number, even when calling from a mobile. Contact your provider for more information.
A redemption figure will show you the amount required to fully redeem your loan and will include:
- The remaining balance of your mortgage;
- Outstanding interest and interest calculated up to the date of redemption (interest is calculated on a daily basis and will be calculated up to the date of redemption);
- Any early repayment charges (ERC) that may apply by exiting your mortgage deal early (please refer to your original mortgage offer for details);
- Any outstanding mortgage payments;
- Any outstanding fees which are unpaid;
- Any mortgage exit administration fees.
Mortgage redemption FAQs
A mortgage redemption statement contains all the information about your mortgage and the exact amount you need to pay in order to repay your mortgage loan in full.
It will show a breakdown off all charges owed on the mortgage, including remaining balance, interest and additional fees owed.
When your mortgage is repaid, we will confirm in writing to you once this has been done and we will return your Title Deeds to you (where there are Deeds held). We would however recommend that you ask your bank or solicitors to keep these safe for you.
Included in your redemption figure will be any redemption fees applicable. This will include a Mortgage Exit Administration fee which is currently £130.00.
You may also have an Early Repayment Charge, subject to your product terms and conditions, if you are redeeming your mortgage early. Please refer to your original mortgage offer or your annual mortgage statement for details.
You can forward the funds either by telegraphic transfer (CHAPS), BACS or by cheque.
Please note that telegraphic transfer (CHAPS) is our preferred method as cleared funds will be received immediately. Our bank details are as follows:
Account number: 00000008
Sort code: 23-59-54
Account name: Newcastle Building Society
Reference: Please quote your full mortgage account number
Alternatively, a cheque can be sent to us payable to you, the account holder(s).
Newcastle Building Society, 1 Cobalt Park Way, Wallsend, NE28 9EJ
YOUR MORTGAGE WILL BE SECURED ON YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.