Redeeming your mortgage

If you want to redeem your mortgage (pay it off early), you will need to ask for a redemption statement. This shows you exactly how much you would need to pay. Please note that the balance shown on H&R Online does not include fees or daily rate of interest, so this should not be used as a redemption figure.

A redemption statement takes into account the interest that is due, and any fees or charges. It is only valid for one month (or less if there is a change in the mortgage interest rate), because after that time there will be more interest (and possibly fees) to be added to the final amount. This means, if you don’t pay off the mortgage during that time, but you still want to, you will need to ask for a new redemption statement.

There is no charge for the first redemption statement. However, there is a charge for each extra statement that you ask for within two months of the date you requested the first one.

If you require a redemption statement, please contact us.

The bank details for paying off the mortgage are on the statement and are shown below.

Account Name: Hinckley & Rugby Building Society
Account Number: 74575938
Sort Code: 40-05-30
Reference: Your 11-digit mortgage account number. Without this, we will not be able to transfer the money into your mortgage account, and it will be returned to the sending bank or building society.

When setting up your payment, select ‘Business’ as the account type. This is because the payment will be received into our business account.

Payments and direct debits following redemption

Payments received between the date the redemption statement was produced and the date of redemption will not be taken into account, and will be refunded upon redemption.

If your regular direct debit is to be collected in the 10 days after the redemption of your mortgage account, this payment may still be collected. Any overpayments will be refunded back to your bank account once they have passed the time for recall under the Direct Debit guarantee scheme, usually after 14 days.                                                                                             

If you pay by standing order, please ensure you cancel this payment at your bank once your mortgage account has been redeemed.                                                                              

If a payment has been included in the redemption statement, and is subsequently returned unpaid, this will result in a shortfall. This shortfall amount will have to be paid before the Society will release its charge over the property.

The Society will cancel your direct debit on full redemption of the mortgage account.

Title documents and Deeds

As property is now registered with a Land Registry Title Number, and details are stored electronically at the Land Registry, the Society does not hold any Title Documents or paper deeds.

Protecting your home from property fraud

Fraudsters can, and do, target properties for fraud, effectively ‘stealing’ your home by taking the legal title to it. This is most commonly done by pretending to be you and either selling or mortgaging your property without your knowledge.

For information on how you can protect your property from fraud, please visit Land Registry website.

If you would like to learn more about protecting yourself from fraud, visit our fraud awareness page.