When a mortgage is repaid. (Also called redemption.)
Repaying one mortgage by taking out another secured on the same property, possibly to take advantage of a particular mortgage product or better interest rate from a different lender. See also: Remortgages
You pay interest and part of the capital each month, so your mortgage will be paid off completely at the end of the mortgage term.
Full repayment and closure of a mortgage account.
Redemption Administration Fee (also known as MEAF (Mortgage exit administration fee))
This is a fee that is charged when you close your mortgage. It will not be charged if you have 10 years or less remaining on your mortgage term or if you are taking out a new mortgage with us. This may be charged in addition to any ERC applicable. This fee will only be charged once no matter how many separate mortgage accounts you have on this property.
Refund / Drawdown or Borrowback
The return of money which has already been overpaid. This has already reduced your balance outstanding, so when it is returned your balance will increase by the amount returned to you. Interest will be charged on this higher balance.