LENDER will require certain details to provide a redemption statement. Which item is required?

• A. The borrower's email address
• B. The details of the solicitor's firm and their reference, the borrower's names and address, the account number, the reason for the statement and the date to which the figure needs to be calculated
• C. The borrower's date of birth
• D. The lender's credit score

Answer: (B)

Redemption statements are used to show the exact amount needed to discharge a mortgage, so the lender must have enough identifying and targeting information to calculate and route the figure properly. The essential pack includes the borrower’s names and address to confirm identity and link the request to the correct file, the loan account number to identify the specific mortgage being redeemed, the solicitor’s firm and their reference so the lender can coordinate with the correct legal representative, the reason for the statement to clarify the purpose (for example, redemption on sale or refinance), and the date to which the calculation is made so interest, fees, and any charges are calculated up to a precise day. These elements ensure the redemption figure is accurate and traceable.

The other items aren’t routinely needed for this process: an email address isn’t typically required for calculating the amount, the date of birth isn’t part of the calculation, and the lender’s credit score has no bearing on the redemption figure.