Early Repayment Charges
We charge a flat percentage of the entire overpayment amount across the deal period. This makes it simpler for you to explain early repayment charges to your clients.
What you need to know:
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Early repayment charges are set at the start of the mortgage term and remain flat throughout the deal period
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Should your client repay their loan or make an overpayment of more than £500 per month within the initial fixed or tracker term, an early repayment charge will be payable on the entire overpayment amount. The percentage charge payable is detailed in the table below:
| Deal Term | Percentage Payable |
|---|---|
| 1 year (fixed) | 2.0% |
| 2 year (fixed) | 3.0% |
| 2 year (tracker) | 2.5% |
| 3 year (fixed) | 4.0% |
| 3 year (tracker) | 3.0% |
| 4 year (fixed) | 4.0% |
| 5 year (fixed) | 5.0% |
| Lifetime (tracker) | 3.0% |
Porting
If during the course of their mortgage with us, your client wishes to move house, and we are able to offer them a new loan, they can keep their mortgage product and will not have to pay the early repayment charge if they transfer the balance and the terms of their product to the new loan for the remainder of the Product Benefit Period.
This product may not be available for any additional borrowing above the balance transferred when completing the new mortgage. This does not guarantee acceptance of any future loan application.
