Redemption
Last checked UK · illustrative onlyNot a lender or brokerAboutDisclaimer
RLPublished by Rodway Labs — not a mortgage adviser
Published
Paying off a mortgage, in full or in part. A full redemption is what happens when you remortgage to a new lender or sell.
The current lender issues a redemption statement with the balance, any ERC, and any exit or admin fee. That statement beats an estimate from our tools.
A product transfer often does not fully redeem the loan. That is why the ERC often does not apply — confirm it on the retention offer.
Definitions are plain English for this site, not the wording in your offer. Last checked 29 September 2026.
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Calculators and articles on Remortgage Lab are illustrative and not personalised financial advice. Always check current lender terms and, where appropriate, speak to an FCA-authorised adviser. England & Northern Ireland focus where tax rules are cited; Scotland and Wales differ.