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Early repayment charges are added to almost all mortgages. Usually this is for the period of a special package ie. a 2 year fixed mortgage will have an early repayment charge if the mortgage is redeemed or paid off within the 2 years.
The percentage can vary according to which lender you are with and some lenders may stagger the early repayment charge as below:-
5% of the mortgage amount in year one, 4% in year two; 3% in year three, 2% in year four and 1% in year five. Or they may charge, say the equivalent of six months interest.
Mortgages Expert usually looks for mortgage products with No Early
Repayment Charge Overhang. This means that after the inital period there
are no charges to repay the mortgage only if paid during the period.
We would also look to ensure the mortgage is portable as if you wish
to move it again avoids the early repayment charges.
Mortgages Expert Ltd is Registered in England no. 5479330, Mortgages Expert Ltd is authorised and regulated by the Financial Services Authority - no. 438419
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.