Paying off your mortgage

If you’re thinking of paying off your mortgage early (redeeming your mortgage), moving home, or moving your mortgage to another lender, here’s how it works.

This is when you're paying off your HSBC mortgage early. This could be because you want to end the mortgage, or because you're going to start a mortgage with another lender. Your new lender and your solicitor will also be able to provide you with more information and support as you move through the process.

If you have an HSBC mortgage and you're moving home, you have two options. You might choose to port your mortgage rate (take your mortgage with you to the new home) or to end the HSBC mortgage and start a new one at the new property.

If you're nearing the end of your mortgage term, you don't need to take any action at all. We'll contact you within 90 days of your mortgage end date and advise you of final payments and next steps.

You’ll need to find out what your outstanding balance is. You can do this by asking us for a mortgage redemption statement. If you’re moving home, or to another lender, your solicitor or conveyancer can do this step for you.

You can request a mortgage redemption statement via online banking, by calling us, or by using the Chat option. To request a mortgage redemption statement in online banking, go to your mortgage account, select 'Manage' and ‘Request redemption quote’. If you prefer to call, make sure we’ve got an up-to-date telephone number for you so we can update you on progress. 

A mortgage redemption statement will give you an overview of your mortgage on the day you plan to repay it, and includes:

• Your mortgage sort code and account number
• The balance
• The interest rate, type of rate, and any end date
• The total amount needed to repay your mortgage 
• The amount of daily interest that will accrue if you don’t repay on the planned date plan
• Any early repayment charges if applicable
• Any other fees that are applicable
• Important information about what to do, and not to do, with your Direct Debit
• Information on what could affect the amount you need to repay
• Other useful information

If you’re moving home, or to another lender, you don’t need to do anything at this stage. Your solicitor or conveyancer will send us the funds to repay your mortgage when the time is right.

If you’re paying off your mortgage early, you can do this from an HSBC account, or from a bank account with another bank or building society.

To make the payment from an HSBC account using online banking, use the ‘pay & transfer’ option.

If you prefer to use the HSBC mobile banking app, select 'Transfer between your accounts'.

To make the payment from a non-HSBC bank account, you’ll need:

• Your mortgage sort code and account number
• A beneficiary. This is usually the account name of your mortgage. If it’s a joint mortgage, you only need one of the names 
• A payment reference – use words that help you remember this transaction

When you, or your solicitor or conveyancer, have sent us the funds to repay your mortgage, we’ll:

• Send you a text message to confirm we’ve received the money
• Check the amount we’ve received is enough to repay your mortgage. If it’s not, we’ll contact you (or your solicitor or conveyancer) to discuss options to make up the difference

Sometimes, we receive more than we need to repay your mortgage. This can happen when another payment has been made - such as your regular monthly payment. If it does, we’ll send you a text message to tell you you’re due a refund. Any refund will be made within 7 working days, and will go to the account your mortgage payment usually comes from. We’ll send another text message to confirm the refund has been made.

Once we’ve received enough funds to repay and close your mortgage, we’ll send written confirmation that you’ve repaid your mortgage. This can take up to 7 working days after your final payment.

If you pay by Direct Debit, we'll cancel it at this stage.

Bear in mind that if you took out an HSBC Life policy to cover this mortgage, we can't automatically cancel it. So if you have one and no longer need it, please contact us on 03457 456 125 to cancel it.

If you have any non-HSBC life, buildings or any other insurance policies related to your mortgage, please contact the insurance providers directly to make any changes.

We’ll remove the legal charge we hold at HM Land Registry over your property. We’ll send you written confirmation that we’ve done this. This can take up to 7 working days after we’ve released the charge.

If you’re already using a solicitor or conveyancer, they’ll deal with releasing our charge. If not, you’ll need to appoint a solicitor or conveyancer to do this for you, and let us know who this is so we can liaise with them to release our charge as soon as possible.

If we hold your title deeds, we’ll return these to you as soon as possible.