What is a Deed Release Fee?
A Deed Release Fee (also referred to as a mortgage completion fee, redemption administration fee or discharge fee) is an administration fee charged by mortgage lenders once a mortgage has been repaid to cover the legal costs involved with returning the title deed to you.
The fee is charged when you end your mortgage contract before the specified term with your lender. This can happen for one of several reasons. It could be that you have switched to a more competitive deal with another lender when a fixed rate comes to an end, or if you pay off your mortgage some other way, either by over-paying or with a windfall lump sum.
Q: Is it the same as an Early Repayment Penalty?
A: No, this fee comes in addition to an Early Repayment Penalty if there is one to be paid.
Q: How much can I expect to pay?
A: The final cost can typically range anywhere from £50-300 depending on your mortgage provider.