It’s easy to get an instant estimated redemption amount. Simply register or sign in to our online Self-Serve system and click view redemption estimate. Self-Serve is available 24/7 from any device, and you won’t need to call us or wait for us to post anything to you.

The estimate will account for your mortgage balance, interest to be charged on the mortgage balance to the date you select and any Mortgage Exit Administration Fee/Early Repayment Charge that may apply. It won’t include any future monthly payments or any other charges and costs that may apply, such as litigation fees.

The redemption estimate will give you a good idea of what you’ll need to pay. You’ll only need to request a formal redemption statement when you’re ready to redeem your mortgage(s).

Please note – if you’re a Commercial landlord with more than one buy-to-let mortgage, you’ll need to request a formal redemption statement due to potential fees, costs and/or additional requirements that will need to be considered.

You can request a redemption statement using Self-Serve, in writing or over the phone.

We’ll typically produce and post your statement within five 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.

However, if your plans change and your redemption payment occurs after the end of the month for which your redemption statement is valid, you’ll need to request a new redemption statement to make sure you have an accurate redemption figure.

If you write to us, to help avoid delays, please include the following within the letter:

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

To call or write, please find our contact details here

Solicitors and conveyancers - all requests for redemption statements should be made through Lender Exchange secure online portal.

If you’re unable to use Lender Exchange, you can request a redemption statement from us in writing, or alternatively by calling us.

We don’t accept any requests for redemption statements made by fax. We also don’t send any redemption statements by fax, even if your request is urgent.

Your redemption statement shows the total amount to pay to redeem your mortgage in full including any fees payable. The amount is calculated according to the redemption date that you provide when requesting the redemption statement.

If your redemption statement includes a daily interest amount, you can use that figure to adjust the amount required, up to the end of the current calendar month. If you’re going to make your redemption payment slightly before or after the stated redemption date, you don’t need to request another redemption statement.

But, if the redemption payment is 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.

If your mortgage is redeemed early, there may be an Early Repayment Charge to pay if you are still in your initial fixed rate period. You can find details of this in your mortgage offer.

There may also be a Mortgage Exit Administration Fee, which is added to the final amount owed to us. The fee varies for different customers and will be included on your redemption statement. You can find details of this in your mortgage offer.

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

You can’t make a mortgage redemption payment over the phone or online using our Self-Serve facility.

Online bank transfer
Once you have a redemption figure, please transfer the required amount, using the correct bank details. Make sure to verify the details before sending the payment and include the account number as the reference. If we receive the payment without a reference, this may not reach your mortgage account.

Our bank details vary for different customers. To find the correct bank details, register for or sign in to Self-Serve and click Paying by bank transfer in the Payments menu. If you are unsure which bank details to use, please call us.

Cheque payment
Cheques for the required amount should be made payable to Zephyr Homeloans. Please remember to write your mortgage account number on the back of the cheque and post this to us at:

Zephyr Homeloans
PO Box 12
Skipton
BD23 2HL

We’ll apply the payment and confirm your mortgage is redeemed within 15 working days of receiving the funds. This confirmation letter will be sent to the company or customer(s) named on the account, who made the redemption payment.

If the regular monthly payments are made by Direct Debit, we recommend you don’t cancel the Direct Debit until you receive confirmation your account has been redeemed. The account may fall into arrears if the redemption funds are not received by the planned redemption date. Once the account is fully repaid, we’ll cancel the Direct Debit.

If the regular monthly payments is made by Standing Order, we recommend you don’t cancel the Standing Order until we confirm the account is fully repaid.

Source of funds
Information regarding the source of funds may be required in line with UK money laundering regulations.  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.

Customer(s). Only customers who are named on the mortgage account can make a redemption payment. You must also make sure that the name on the account from which the money originates, matches the mortgage account holder(s).

For example, Mr & Mrs Smith sent a payment to redeem their mortgage from a bank account held in the names of Mr Smith & Miss Jones. As the mortgage account is in the name of Smith & Smith, we would return this as an unauthorised payment.

Solicitors and conveyances. Payment must come from the solicitor or conveyancer whose name is on the redemption statement.

Account holder(s) is deceased. If you need to arrange to make a redemption payment from their estate, please contact us and we’ll explain what is required before we can accept third-party payments.

Existing third parties. We can only accept payment from an authorised third party. If you would like to authorise someone to make a redemption payment on your behalf, you need to complete a third party-authority form. This allows them to discuss your account details, request information and to make payments. You must complete and return it to us before making a redemption payment.

What happens if the payment is unauthorised?

If funds are received from an account that does not match the details we hold, or the appropriate authority hasn’t been received, or the solicitor/conveyancer’s name is NOT on the redemption statement provided, the payment will be returned to the sender.

This could cause a delay if you’re planning a house sale or remortgage. Payments that are returned will result in a delay to the account being closed and additional interest may be payable.

Where the amount of redemption funds received is more than the amount required to redeem the mortgage, we’ll aim to send a refund 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, 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 in full, we will apply the funds received as a capital repayment to reduce the balance you owe.

We will aim to write to you and/or your solicitor within 10 working days after receipt of the funds to confirm the remaining balance that is still required.