Paying off your mortgage or loan - Heliodor

Paying off your mortgage or loan

 

This page provides information and guidance if you’re considering paying off your mortgage or loan before the end of the term. This is also known as redeeming your mortgage or settling your unsecured loan.

You can pay off your mortgage or loan in full at any time. This could be because you’re moving to another lender, selling your property or you simply want to clear your mortgage or loan before the end of its term. You won’t have to pay an early repayment charge if you pay off your account for any reason.

 

Try our virtual assistant

We’ve recently launched a virtual assistant, to help answer any questions about your mortgage or loan. You can find general information about a whole range of topics, including how to pay off your mortgage or loan in full.

To use the virtual assistant, simply click on the small button that’s hovering in the bottom right corner of this page. You can then start a conversation by asking a question, or by selecting one of the in-built options.

Please note – the virtual assistant tool will only display and work correctly if you’ve enabled statistics cookies on this website. You can check or change your preferences on our cookies page.

You can read more about the virtual assistant here.

Solicitors and conveyancers – please see our dedicated page for more information about how to request a redemption statement and other details about the redemption process that may be useful for you.

Find out more

Customers reaching the end of their term

If you have an interest only or part & part mortgage and you won’t have the funds to repay your balance in full by the term end date, please contact us to discuss your options. Read more about Interest Only mortgages.

If you have a repayment mortgage or a standalone unsecured loan and your payments are up to date, your mortgage or loan will end naturally after you make your final payment. If you pay by Direct Debit we’ll stop collecting payments automatically.

 

See your current balance

If you just want to get an idea of what you currently owe rather than an exact redemption amount, you don’t need to request a redemption statement. Instead you can check your current balance via Self-Serve, our secure online mortgage service, which is available 24 hours a day, 7 days a week. See our website section about your account information for more information.

 

How to redeem your mortgage or settle your loan

When you’re ready to pay off your mortgage and/or loan, the first thing you’ll need to do is request a redemption statement. This shows how much you owe, including any fees payable, on a given date when you plan to pay off your mortgage and/or loan.

Together mortgage customers

If you’re a Together mortgage customer with a mortgage and an unsecured loan, and you request a full redemption statement – this will include the total amount needed to redeem your mortgage and settle your unsecured loan.

You’ll need to request a partial redemption statement if you’re only redeeming your mortgage or settling your unsecured loan.

Please note – if you redeem your mortgage but leave the unsecured loan with us, the interest rate on your unsecured loan will increase by an amount listed in the terms and conditions of your original agreement.

If you don’t have your original Together mortgage agreement, you can request this information using Self-Serve, our online system. To do this, simply sign-in and send us a secure message, using the Redemption Queries option. Find out more here.

Alternatively, if you are unsure about this, you can contact us or take advice from a mortgage broker.

If you have a solicitor or conveyancer acting on your behalf, ask them to request the redemption statement for you through Lender Exchange, which is a secure portal that’s quick and easy for legal firms to use.

Most solicitors and conveyancers will be very familiar with mortgage redemptions and loan settlements and will handle this process for you. However, if you don’t have a solicitor acting for you, or just want more information, please see the drop-down sections below.

You can request a redemption statement using Self-Serve, in writing or over the phone. We’ll typically produce and post your statement within 8-10 working days from when we receive your request, although it could take longer.

The length of time it takes us to produce and send your Redemption Statement is the same regardless of how you make the request.

 

Request a statement using Self-Serve
You can quickly request a redemption statement using Self-Serve, our secure online system, which is available 24 hours a day, 7 days a week.

You can see our handy guide on how to do this at the bottom of this page.

Not all customers can register for Self-Serve. You can find out who can register on our using self-serve page.

 

Request a statement in writing or by phone
If you write to us, to help avoid delays, please include the following within the letter:

  • Account number
  • Name and address of account holder(s)
  • Planned date of redemption

To call or write, please find our contact details here.

Your redemption statement shows you exactly how much you owe on your mortgage or loan, including any fees payable. The amount is based on the planned date of redemption that you provided when you requested the statement.

If your redemption statement includes a daily interest amount, you can use that figure to adjust the total amount required if you’re going to make your redemption payment slightly before or after the stated redemption date. You don’t necessarily need to request another redemption statement.

However, if the redemption payment is to be made after the end of the month in which the statement was issued, you’ll need to request a new redemption statement to make sure you have an accurate total redemption figure.

You can make a mortgage redemption payment or settle an unsecured loan by online bank transfer or cheque. Please see the details below.

You can’t make a mortgage redemption payment over the phone, but you can pay off an unsecured loan by calling us and making a debit card payment.

 

Online bank transfer

Please transfer the required amount, using the correct bank details – including your account number as the reference. If we receive your payment without a reference, this may not reach your account.

Our bank details that you’ll need to use vary for different customers. To find the correct bank details, you can Sign in to Self-Serve and click on the Paying by bank transfer button in the Payments menu. Alternatively, you can check the information we sent in your welcome letter in November 2019.

If you’re unsure which bank details to use, please call us.

 

Cheque payment

Cheques for the required amount should be made payable to Heliodor Mortgages.

Please remember to write your account number on the back of the cheque and post this to us at:

Heliodor Mortgages
PO Box 124
Skipton
BD23 9FR

 

Next steps

We’ll apply the payment and confirm the mortgage or loan is redeemed within 15 working days of receiving the funds. We’ll send a confirmation letter to you and any other account holders named on the account.

If you make your monthly payments by Direct Debit, we recommend you don’t cancel your Direct Debit until you receive confirmation your account has been redeemed.

If you’ll be moving home quickly after making your redemption or settlement payment, please contact us and provide a forwarding address so we know where to send our confirmation letter.

 

Source of funds

If the redemption payment you are making is for £10,000 or more, we may ask you to provide us with evidence which shows the source of the funds. This is a normal part of UK money laundering regulation, and we may contact you about this if required.

Where redemption monies are received via a solicitor or conveyancer, we don’t require source of funds evidence.

You won’t have to pay an early repayment charge to us if you redeem your mortgage or loan for any reason.

If you’re redeeming your mortgage, you may need to pay a Mortgage Exit Administration fee, which will be added to the final amount that you owe us. The fee varies for different customers and will be included on your Redemption Statement when this applies. You can also find details of this on your original mortgage offer, where it may have previously been referred to as a Mortgage Discharge Fee.

Where the amount of redemption funds received is more than the amount required to redeem the mortgage or loan, we’ll aim to refund you within 15 working days of receiving the funds.

We’ll return any surplus funds to your bank account where we’re able to do so.

Where this isn’t possible, we’ll post a cheque to you, issued in the names of all parties to the account. If a cheque is requested in any other name e.g., sole name but it is a joint account, written authorisation signed by all parties to the account will be required.

If the amount received on redemption isn’t enough to pay off the mortgage or loan in full, we’ll apply the funds we’ve received as a capital repayment to reduce the balance owed.

We’ll write out after receipt of the funds to confirm the remaining balance still required.

Request a redemption statement using Self-Serve

You can quickly request a redemption statement using Self-Serve, our secure online system, which is available 24 hours a day, 7 days a week.

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