A mortgage redemption statement is one of those documents most Irish homeowners never think about — until they need one. Whether you’re selling your property, switching to a better mortgage rate, or paying off your loan early, understanding redemption statements saves time, prevents surprises, and ensures you know exactly what you’ll pay.
This guide covers everything you need to know about mortgage redemption statements in Ireland in 2026, from requesting one to understanding every line item, plus specific details for switching lenders versus selling your home.
What Is a Mortgage Redemption Statement?
A mortgage redemption statement is a formal document from your lender showing the precise amount required to fully discharge your mortgage on a specified date. It’s more than just your outstanding balance — it includes accrued interest, applicable fees, and any penalties for early repayment.
The statement provides a legally binding figure. Your lender must accept this amount to clear your mortgage, assuming you pay on or before the stated date.
You’ll need a redemption statement in three main scenarios:
Selling your property — Your solicitor requires it to calculate how much remains after paying off the mortgage. If you’re selling for €450,000 and your redemption figure is €280,000, you’ll know your net proceeds before costs.
Switching to a new lender — The new lender needs the exact amount to pay off your existing mortgage as part of the switch. Without an accurate figure, the process stalls.
Paying off your mortgage early — If you’ve come into money and want to clear the loan, the redemption statement tells you the total cost including any early repayment charges.
What Information Is Included?
Irish mortgage redemption statements typically contain the following:
Outstanding principal balance — The remaining amount you borrowed, before any interest or charges. This is your core debt.
Accrued interest — Interest calculated from your last payment date up to the proposed redemption date. Even if you paid last week, interest accrues daily on your balance.
Redemption date — The specific date the figures are calculated for. If you redeem on a different date, the lender recalculates with adjusted interest.
Early repayment charge (ERC) — The penalty for breaking a fixed-rate mortgage before the term ends. This can be substantial — typically 1-5% of the outstanding balance depending on your lender and how much time remains. Variable and tracker rate mortgages don’t usually carry ERCs.
Redemption administration fee — A flat charge from the lender for processing your redemption. In Ireland, this ranges from €50 to €150 depending on the institution.
Legal discharge fee — Your lender’s solicitor fee for releasing the charge on your property. Expect €100-€300. This is separate from your own solicitor’s fees.
Final account adjustment — Some lenders include estimated final charges like property insurance if you’re mid-policy period and they’ve been collecting monthly premiums.
Here’s an example breakdown for a €250,000 outstanding balance on a fixed-rate mortgage with 18 months remaining:
| Line Item | Amount |
|---|---|
| Outstanding principal | €250,000 |
| Accrued interest (to redemption date) | €2,450 |
| Early repayment charge (2.5%) | €6,250 |
| Redemption administration fee | €100 |
| Legal discharge fee | €200 |
| Total redemption figure | €259,000 |
The total differs significantly from your outstanding balance. This is why you can’t just check your last statement and assume that’s what you’ll pay.
How to Request a Mortgage Redemption Statement
The process varies by lender but follows similar patterns across Irish institutions.
AIB — Log into AIB Internet Banking, select your mortgage account, and request a redemption statement under “Documents.” Alternatively, call their mortgage helpline on 1800 724 724. Statements typically arrive within 5-7 working days.
Bank of Ireland — Access through the 365 Online portal or mobile app under mortgage account services. You can also request via your local branch or by calling 1800 946 764. Expect 7-10 working days.
Permanent TSB — Phone their mortgage team on 1890 500 121 or visit a branch. PTSB doesn’t currently offer online redemption statement requests. Allow 10 working days.
Avant Money — Request through your online account portal. Avant typically provides statements within 1-2 working days as a digital-first lender.
Finance Ireland — Call 01 609 5000 or email their customer service team. Processing time is usually 5-7 working days.
ICS Mortgages — Owned by Dilosk, request via phone on 01 638 5500. Allow up to 10 working days.
EBS (owned by AIB) — Similar process to AIB, either online or by calling 1850 654 321.
When requesting your statement, provide:
- Your mortgage account number
- Your property address
- The proposed redemption date (usually 4-6 weeks out to allow time for conveyancing)
- Confirmation whether you’re selling or switching
Most lenders validate the redemption date for 90 days. If your transaction doesn’t complete within that window, request an updated statement.
Early Repayment Charges: The Big Variable
Early repayment charges are the most significant unknown in your redemption figure. They only apply if you’re on a fixed rate and breaking that fix before the term ends.
Irish lenders calculate ERCs differently, but most use one of two methods:
Percentage of outstanding balance — A fixed percentage, typically 1-5%, applied to your remaining principal. If you have €300,000 outstanding and your ERC is 3%, you’ll pay €9,000. The percentage often reduces as you approach the end of your fixed term.
Interest differential — Some lenders, particularly those offering cashback or discounted fixed rates, calculate the ERC based on the difference between your fixed rate and current market rates, multiplied by your outstanding balance and remaining fixed term. This method can produce higher charges if rates have fallen significantly since you fixed.
As of November 2026, with ECB rates continuing to fall from the 2023 peak, many borrowers who fixed at 3-4% in 2022-2023 face substantial ERCs. Rates have dropped to around 2.5-3% for new fixes, meaning the interest differential can be meaningful.
However, you don’t pay ERCs when:
- Your fixed term has ended and you’re on the revert rate
- You’re on a variable or tracker rate mortgage
- You’re switching to another product with the same lender (most lenders waive ERCs for internal switches)
- Your lender offers a cashback that exceeds the ERC (increasingly common in the competitive 2026 switching market)
Some lenders provide ERC calculators on their websites. If yours doesn’t, phone them and ask for an estimate before formally requesting the statement.
Switching Your Mortgage: The Redemption Process
When switching lenders, your solicitor manages the redemption as part of the legal transfer. Here’s the typical timeline:
Week 1 — Apply to your new lender. Get approval in principle.
Week 2-3 — Receive formal loan offer from new lender. Instruct your solicitor to begin the switch.
Week 3 — Solicitor requests redemption statement from your current lender.
Week 4-5 — Redemption statement arrives. Solicitor reviews it and confirms figures with the new lender.
Week 5-6 — New lender issues funds to your solicitor on completion date.
Week 6 — Solicitor pays off your old mortgage using the redemption figure, registers the new charge with the Property Registration Authority, and the switch completes.
The new lender pays exactly the redemption amount to clear your old mortgage. If there’s a shortfall because rates or terms changed, you’ll need to cover it. If there’s a surplus — for example, if the new lender’s valuation came in higher and you borrowed more — the solicitor sends you the difference.
Key point: The redemption statement must be current. If your switching process takes longer than expected and the statement expires (usually 90 days), request a fresh one. The figures will have changed due to accrued interest.
Selling Your Property: A Different Timeline
When selling, your solicitor coordinates mortgage redemption with the sale completion. The buyer’s funds must arrive, your mortgage must be paid off, and any remaining balance goes to you — all on the same day.
After sale agreed — Your solicitor requests the redemption statement immediately, even while contracts are being drafted. This ensures accurate figures for calculating your net proceeds.
Exchange of contracts — Completion date is set, typically 4-8 weeks out. If this differs from the date on your redemption statement, request an updated one.
Week before closing — Your solicitor confirms the redemption figure with your lender and ensures the buyer’s solicitor has the purchase funds ready.
Closing day — Buyer’s funds arrive in your solicitor’s account. They pay off your mortgage using the redemption figure, discharge the charge on the property, and transfer any remaining balance to you, minus their fees and any other costs like estate agent commissions.
If you’re selling and buying simultaneously (moving house rather than leaving the market), timing becomes more complex. Your solicitor must ensure the funds from your sale arrive in time to pay off your old mortgage and that your new mortgage is drawn down to complete your purchase — all on the same day. This requires precision and communication between multiple parties.
Costs and Fees: What You’ll Actually Pay
Beyond the redemption figure itself, expect these additional costs when clearing your mortgage:
Your solicitor’s fees — €800-€1,500 for a straightforward switch or sale. More complex transactions cost more.
Valuation fee (if switching) — €150-€200, paid to the new lender’s valuer.
Property Registration Authority fees — Approximately €50-€150 for registering the discharge and new charge.
Insurance adjustments — If you’ve paid home insurance annually through your lender, you may receive a pro-rata refund. If you’re mid-term on mortgage protection insurance paid via the lender, you’ll owe the balance.
Total cost for switching, excluding any ERC: €1,500-€2,500.
Total cost for selling: Similar, though you’ll also pay estate agent fees (1-2% of sale price plus VAT) and capital gains tax if it’s not your primary residence.
One cost you can often avoid: Some lenders waive redemption administration fees if you’ve been a customer for a certain period or if you’re switching to another product with them. Always ask.
Common Mistakes to Avoid
Requesting the statement too early — If you request it three months before your expected completion date and the process drags on, the statement expires. Request it once you have a firm timeline.
Assuming your last statement balance is the redemption figure — It’s not. The redemption figure includes interest accrued since then, plus fees and any ERC.
Not checking for ERCs before switching — If you’re on a fixed rate, calculate whether a cashback from a new lender genuinely covers the ERC. Sometimes staying put until the fix ends costs less.
Forgetting to update the redemption date — If your closing moves, tell your solicitor immediately so they can request an updated statement. Interest accrues daily — even a week’s difference changes the figure.
Not comparing the redemption figure between lenders — When switching, ensure your new lender knows the exact amount they need to fund. If they underestimate and don’t lend enough to cover the redemption figure plus switching costs, you’ll have to bridge the gap.
Digital Changes in 2026
Irish lenders have significantly improved digital access to redemption statements since 2024. Most now offer online portals where you can request and download statements without phone calls or branch visits.
Avant Money, as a digital-first lender, leads here — statements are available almost instantly. Traditional banks like AIB and Bank of Ireland have caught up, offering 48-72 hour turnaround through their apps.
This matters because faster access means fewer delays in time-sensitive transactions. If you’re in a chain — your sale depends on your buyer’s sale, which depends on their buyer’s mortgage approval — every day counts.
However, some lenders, particularly smaller institutions or those managing legacy mortgage books (like ICS), still require phone or written requests. Factor this into your timeline.
The Big Picture: Redemption Statements and Financial Planning
Understanding redemption statements helps you plan financially before committing to selling or switching.
Run the numbers early. If you’re considering switching to save 0.5% on your rate, but you’d pay a €10,000 ERC to break your fix with 12 months remaining, the math doesn’t work. Better to wait and switch when the fixed term ends.
Conversely, if rates have dropped 1.5% since you fixed and a new lender offers €5,000 cashback, switching might make sense even with a moderate ERC — especially on a large mortgage where the annual savings exceed the one-off cost.
For sellers, knowing your redemption figure early helps you set realistic expectations. If you’re selling for €400,000, your mortgage redemption is €280,000, and you owe €15,000 in selling costs, your net proceeds are €105,000. That informs your budget for your next property.
Finally, keep records. Once your mortgage is redeemed, your lender should send confirmation that the charge is released. Your solicitor registers this with the Property Registration Authority. Keep this paperwork — it proves you own your property free and clear.
See also: Switching Your Mortgage in Ireland | Breaking a Fixed Rate Mortgage | Mortgage Overpayment Ireland | Mortgage Rates Ireland 2026 | Navigating the Mortgage Market: The Role of Brokers in Ireland