What is Redemption figure?

Cashcade

Is this the sum you have to pay if you are switching between mortgage providers? Also, does everybody mortgage provider have this in the agreement? Can it be avoided?

Thanks

jonesMUFCforever

A redemption figure is a final figure for settling your old loan or mortgage (including all charges and interest to a certain date).
This will be provided to your solicitor who arranges to clear it (or whoever is doing the legal work for you) when you switch mortgage provider.
It cannot be avoided.
Eric

Joe_Bloggs

You can request a redepemption statement yourself just to see how much changing your lender would be. I got a call from a 'loyalty' department when I did this. They said they would knock 0.5% off their SVR rate of 6% (All prior to recent BoE rate cut). I managed to convince them that I was better off moving my mortgage in these circumstances.
J_B.