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Redeeming your mortgage or switching lenders?

Whether you’re remortgaging, or using a cash lump sum to pay off your mortgage early, here’s everything you need to know.

Redeeming your mortgage

Mortgage redemption is when you completely pay off your mortgage. It includes paying back all the outstanding capital and interest you still owe. If you close your mortgage account before the end of its full term, you may also be charged early repayment fees.

Switching

  • Switching your mortgage (which is also known as refinancing or remortgaging) is when you change to a different lender. Whether you are looking to switch your mortgage or move home, the Competition and Consumer Protection Commission (CCPC) has a mortgage tool (opens in new tab) that will help you to compare your options.

  • You can also see mortgage comparison tools at www.bonkers.ie and www.switcher.ie (links open in new tab).

Alternatively, you may prefer to talk to a mortgage broker for independent advice on your options. To find out more, contact the Association of Irish Mortgage Advisors at www.aima.ie and Brokers Ireland at www.brokersireland.ie (links open in new tab).

Five steps to redeeming or switching

Follow these easy steps to pay off your mortgage or switch lender.

1

Find out how much you owe

Check your outstanding balance to understand how much you have left to pay on your mortgage.

Log in to MyPepper to check your outstanding balance or call us on 0818 818 181.

2

Understand costs and fees

Check the costs involved in closing your account. These may include early repayment charges. You can find the information in your mortgage offer pack or call us on 0818 818 181.

3

Choose a solicitor

If you are paying off your mortgage by selling the property or switching to a new lender, your solicitor will need to request the title deeds (documents proving ownership) from us. Before we can send the title deeds, we will need:
  • Written instruction from the solicitor signed by all borrowers named on the loan agreement
  • Up-to-date proof of ID
  • Fee for request of deeds

Once we have received all the above, we will send the title deeds to your solicitor.

4

Request a redemption statement

You will need to request a redemption statement to confirm the final amount you must pay to close your mortgage account. The redemption statement will set out your:

  • Outstanding balance
  • Interest owed
  • Early repayment charges
  • Exit fees
  • Daily interest amount
  • Total redemption figure

It is a good idea to make sure you are ready to repay the full amount when you request your redemption statement, as this is only valid for 30 days. After it expires, the figures will no longer be accurate so you will need to request a new one.

If you pay back your mortgage within 30 days of receiving your redemption statement, you will need to add the daily interest amount (listed in your statement) to the final amount. For example, if you pay the mortgage off 15 days after the date on the statement, you will need to add 15 days of interest.

If you have a solicitor, they can request a statement for you. However, please call us first on 0818 818 181 to authorise them to make the request on your behalf. Please note it takes up to 5 working days to issue a redemption statement.

To request a statement, call 0818 818 181.

5

Close your mortgage account

We will arrange the release of the legal charge on your property once we receive the full redemption payment. We will write to you or your solicitor to let you know your mortgage account is closed.

Don’t forget to tell us your new address if you are moving out of your mortgaged property, to make sure you receive any final letters or statements.

Need more information? You can find more details in our FAQs: