selling
Mortgage redemption statement: how to get one and how to read what you owe when you sell
A mortgage redemption statement shows what you must pay your lender to clear the mortgage on a set date. How to ask for one and what to check.
- 4 min read
- Last reviewed 4 November 2026
- By Your Property Check team
Key answer
Part 1 of 7
What a redemption statement is
General information, not advice. When you sell a home with a mortgage, GOV.UK says you will need to move the mortgage to your new property or pay it off. A redemption statement is the lender's written figure for paying it off on a particular date. It is more specific than the balance on a yearly statement, because it is calculated for a stated day and can include charges. Your conveyancer uses it to work out how much of the sale price goes to the lender and how much is left for you. We read the pages named below on 4 November 2026.
Part 2 of 7
How to get one
- Contact your lender. GOV.UK says to ask how much you owe, whether there are early repayment charges and whether there are fees to move the mortgage.
- Ask for the date you expect to complete. If you do not know yet, ask for a statement for a realistic date and ask how long the figure stays valid. We found no official source giving a standard validity period, so check with your own lender.
- Ask for it in writing and ask the lender to show any charge as a separate line.
- Give a copy to your solicitor or conveyancer, who will ask the lender for an updated figure close to completion.
Part 3 of 7
Why it differs from your balance
Your balance on a yearly statement is a snapshot. A redemption figure is for a chosen day, so it can include interest up to that day and any charge for leaving the deal early. Citizens Advice says that if you leave a contract early, your current lender might charge a "redemption fee", and that you should ask whether there is a charge and how much. Our guide to early repayment charges when selling explains the one most likely to move the figure.
Part 4 of 7
Reading a statement
The table below is an illustrative example with round numbers, not real data or a real lender's layout. Lines, names and charges differ by lender, so ask your lender to explain anything unclear.
| Line on the statement | What it means | Can it change? |
|---|---|---|
| Capital balance (example £150,000) | The amount borrowed that is still owed | Falls if you make payments before completion |
| Interest to the redemption date (example £400) | Interest that has built up to the date shown | Yes, if the date moves |
| Early repayment charge (example £0, or a figure if inside a deal period) | A fee for leaving a fixed or discounted deal early | Yes, if the date moves past the end of the deal |
| Other fees (example £0) | Any administration or exit fee your lender states | Check the lender's terms |
| Total to redeem on the stated date (example £150,400) | What must reach the lender on that day | Yes |
If the amount on the statement is more than the sale will bring in, see the section below on selling for less than you owe.
Part 5 of 7
What happens at completion
Citizens Advice says that at completion your solicitor receives the rest of the price from the buyer and passes it to you, together with the deposit. In practice the lender is repaid from the sale money first, using the figure your conveyancer has agreed with the lender. After that, the lender removes its charge from the title. The HM Land Registry e-DS1 page says that on a borrower's redemption the lender sends the discharge to HM Land Registry on the borrower's behalf, and that HM Land Registry no longer sends borrower redemption letters. Our guide to selling a house with a mortgage covers the wider process.
Part 6 of 7
If the sale will not cover the mortgage
Citizens Advice says that if the sale of your home will not cover your mortgage and any repayment debts, you will need your lender's permission to sell. If the sale does not cover the debt, the difference is called a shortfall, which you still owe. If you are in that position, read our negative equity guide and talk to a free adviser such as Citizens Advice, StepChange or MoneyHelper before any decision.
Part 7 of 7
Checks before you rely on the figure
- Is the statement dated for a realistic completion date?
- Does it show the early repayment charge as a separate line?
- Does it say how long the figure is valid and how to get an update?
- Does it include any second charge or other loan secured on the home?
- Does your conveyancer have a copy?
Once you have the figure, our sale method comparison shows how it affects what you keep under each sale route.
This page is general information, not advice.
Our take
Ask for the statement before you list
Our view: sellers lean on the yearly balance and are then surprised. A redemption statement is dated for a chosen day, can include interest and any early repayment charge, and is the figure your conveyancer works from. Ask for it in writing, with any charge on a separate line, and get an update nearer completion.
Once you know what you owe, see what you would keep. Our sale method comparison compares auction, estate agent and cash buyer routes on net proceeds and timescale, and our free house value check gives a value range from real Land Registry sold prices.
Our opinion, drawn from the facts on this page: not advice and not a forecast. We earn from OfferCheck reports and from introducing sellers to cash buyers, so weigh it with that in mind (see our disclosure). We are not authorised or regulated by the FCA.
Questions, answered
Frequently asked questions
What is a mortgage redemption statement?
How do I get one?
Why does it differ from my balance?
How long is it valid?
What if I owe more than the sale price?
Where this comes from
Sources
- GOV.UK: Preparing to sell your home
- Citizens Advice: Selling a home
- Citizens Advice: Selling your property to clear mortgage debts
- Citizens Advice: Cutting down your mortgage costs
- GOV.UK: HM Land Registry portal, discharge a charge (e-DS1)
Last reviewed 4 November 2026 by the Your Property Check team. This page is general information, not legal, tax or financial advice. For your own situation, speak to a conveyancing solicitor or another qualified professional.