What is an early repayment charge?

An early repayment charge is a fee you may have to pay if you:
 
  • Pay off your mortgage before your current deal ends (for example by moving to another lender or by paying off a lump sum)
  • Make any overpayments above the limit of your mortgage deal
  • Transfer (either in full or in part) to another deal or to our Standard Variable Rate.

When won’t you pay an early repayment charge?

You won’t pay an early repayment charge if:
 
  • A borrower dies during the mortgage term and the loan is repaid. For example, the proceeds of a life insurance policy or sale of the property
  • You move from our Standard Variable Rate (SVR) to a new deal.
 If your deal has an early repayment charge – and how much it is – will be in your mortgage factsheet.

How much will an early repayment charge cost?

An early repayment charge is a worked out as a percentage of:
 
  • The outstanding mortgage balance
  • The amount over the overpayment limit that has been paid.

Overpaying a mortgage and early repayment charges


All of our mortgage deals allow you to overpay up to 10% of your mortgage balance each year. Some products allow more. 

If you overpay by more than is allowed, you may have to pay a charge. The amount will be worked out using the amount paid over the limit. 

Moving home

All of our mortgages products are transferrable (or ‘portable’) so if you move house within the fixed, capped, discounted or tracker rate period we will pay back any early repayment charge you incur.

This refund is subject to conditions. You can find these in your mortgage offer. This is dependent on you borrowing the same amount, on the same deal.

Call us or book an appointment

Speak to one of our friendly advisers about your options.

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