Paying Off Your Housing Advance

A redemption request will be notified to the Legal Section and a redemption figure calculated charging interest and insurance to the appropriate redemption date. Redemptions are calculated to the nearest quarter date these being 25 December, 25 March, 24 June and 29 September.

Once calculated the redemption figure will be sent to you by the Legal Section together with details of legal costs, where and how to pay and action required in respect of insurance cover once the housing advance balance has been paid. The redemption figure will indicate the latest date by which the balance has to be paid. If payment is not received by this date, a new redemption figure must be calculated to the next quarter date.

Normal effluctions (housing advances that are coming to the end of their term) are identified by the Housing Advance Section and a redemption figure will be requested by ourselves on behalf of the mortgagee.