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Paying off your mortgage or switching lenders?


Whether you’re remortgaging, moving, or using a cash lump sum to pay off your mortgage early, here’s everything you need to know.

Redeeming your mortgage or switching lenders


The process of completely paying off your mortgage is called mortgage redemption. It includes paying the outstanding capital and interest and any early repayment fees that come with closing your mortgage account.

Switching your mortgage is when you change or 'switch' your mortgage to a different lender. Whether you are looking to switch your mortgage or move home, the Competition and Consumer Protection Commission (CCPC) provide a mortgage tool that will help you to compare your options.


If considering refinancing your loan with Pepper, there are a number of options with regard to Home Mortgage providers available.


AIB, Bank of Ireland and Permanent TSB have put in place dedicated phone numbers for customers of credit servicing firms who wish to better understand and discuss their options for switching. Please see contact information for all mortgage lenders below:


Alternatively, customers may also wish to talk to a mortgage broker for impartial advice on their options. Association of Irish Mortgage Advisors – www.aima.ie  and Brokers Ireland – www.brokersireland.ie


5 steps to redeeming or switching

Follow these easy steps to pay off your mortgage whether its by re-financing with another lender or paying from your own funds

  • 1

    Find out how much you owe

    Check your outstanding balance to understand how much you have left to pay on your mortgage.


    Log in to MyPepper to check your outstanding balance or contact us on 0818 818 181.


  • 2

    Understand costs and fees

    Check the fees involved in closing your account in your mortgage offer pack or contact us on 0818 818 181. Costs that may apply include early repayment charges and exit fees.

  • 3

    Nominate a solicitor

    If you are paying off your mortgage by property sale or switching to a new lender, your solicitor will need to take up title documents from us. We will require the following information from you:

    • Written Instruction from the Solicitor signed by all parties to the loan
    •  Up to date proof of ID
    •  Fee for request of Deeds
    Once we have received all of the above we will issue title document to your nominated Solicitor.
  • 4

    Request a redemption quote

    You will need to request a redemption quote to learn the final amount you will need to pay to close your mortgage account. Your quote will outline your:


    • Outstanding balance
    • Interest owned
    • Early repayment charges
    • Exit fees
    • Total redemption figure

    It’s a good idea to request your redemption quote when you’re ready to repay the full amount as the document is only valid for 30 days. After it expires, you will need to request a new one as the figures will no longer be accurate.


    If you pay back your mortgage within 30 days of receiving your redemption statement, you will need to add the daily interest rate outlined in your statement to the final amount. For example, if you pay it back 15 days after the issue date, you will need to add 15 days of interest.


    If you have a solicitor, they can request a quote, but you will need to call us on 0818 818 181 to authorise them to act on your behalf first. 


    Please note it takes up to 5 working days to issue a redemption statement. 


    Request a quote now by calling 0818 818 181.

  • 5

    Close your mortgage account


    We will arrange the release of the Legal Charge on your property once we receive full payment. We will write to you and/or your solicitor to let you know your mortgage account is closed.


    Don’t forget to share your new address with us if you’re moving out of your mortgaged property, to make sure you receive any final correspondence.


Mortgage Redemption FAQs

There are a number of factors to be considered if you wish to sell your property.
Generally, if you only have 1 property with one loan agreement with Pepper Advantage and the sales proceeds will clear the outstanding liability then you may sell the property and you do not require consent from Pepper Advantage. 
If you have more than one property or have multiple loans attached to one property, then you will require Pepper Advantage's consent prior to selling the property.  

For Pepper Advantage to make a formal decision regarding the sale of a property the following is required:
Sale Price
Breakdown of sale related fees
Status of sale including marketing history
Can I switch my mortgage to another lender?

Yes, and we actively work with customers wishing to switch their mortgage to another lender. We recommend you look at your mortgage options regularly because a different product from another lender may lead to savings for you. The Competition and Consumer Protection Commission’s website (www.ccpc.ie) provides information relating to switching lenders or changing mortgage type.

Where switching mortgage provider is not possible for a customer who is looking for a lower interest rate to make their repayments more affordable - for example in cases where mortgages were previously restructured, currently in a restructure or because of issues affecting a credit record - we will work with customers to find a solution tailored to their needs, with the aim of helping them to resolve their current situation.

Do I need a solicitor to pay off my mortgage early?
It is always advisable to engage the services of a solicitor or legal professional when going through the redemption process.
How do I access my deeds?
Your deeds will be released either to yourself or your solicitor once your mortgage has been paid in full. If your solicitor needs to see the deeds before settling your mortgage, they can request an accountable trust receipt (ATR) - a document your solicitor signs acknowledging that the deeds are only for the purposes of preparing your redemption or contract of sale. 
What happens once my mortgage account is closed?
The mortgage account will be closed once all funds have been paid. Once the closing process completes, your deeds will be released.
What payment methods do you accept for final redemption payments?
We accept Bank draft, Cheque or EFT (Electronic fund transfer).

Deeds ATR request FAQs

What is an ATR?
ATR stands for Accountable Trust Receipt.  When Title Deeds (property ownership documents) are required by your solicitor and there is a balance outstanding on the mortgage, the deeds are sent out on what is known as “Accountable Trust Receipt” to your solicitor for review/ or where the secured property is being sold and the Solicitor requires the Deeds to prepare a contract for sale. The deeds are sent to your solicitor on loan for a specific purpose, which the Solicitor will detail in their request, and Pepper Advantage reserve the right to recall the deeds at any time.
Is there a fee to take the deeds on ATR?
Yes, there may be a fee charged for this service, please contact us at 0818 818 181 to confirm the applicable fee.
What do I need to do to get the deeds sent out on ATR?
We can issue deeds on ATR if we receive the request from a Solicitor together with the written authority of all the borrowers on the account and the associated ATR fee.
What is the turnaround time for sending the deeds out?
All deeds are held in a secured location offsite. It generally takes 10-15 working days from the time we receive the request from a Solicitor, together with a borrower authority and the associated fee, to issue the deeds. 
How are deeds sent?
Deeds are either sent to your solicitor by DX (Document Exchange used by Solicitors) or by registered post 
I’ve paid off my mortgage – how do I get my deeds?

Once you have paid off your mortgage loan, please send a written request to the following address confirming where you wish the deeds to be sent to.  

Pepper Advantage, 4310 Atlantic Avenue, Westpark Business Campus, Shannon, Co Clare

What is a ‘vacate / deeds on final receipt’?

When a mortgage is paid in full and the property is no longer relied on as security for any other mortgages, Pepper Advantage will release the charge with the property registration authority, this is referred to as a “vacate”.

When this is complete, and the customer has requested the deeds to be returned to them, they are returned to the customer under a process which is known as a “Final Receipt”. 

My Loan is repaid in full and I have received a letter notifying me of an interest rate increase.
If you have repaid your loan in full, you should disregard this letter as the interest rate change will not impact your loan.