What Are Early Repayment Charges on Mortgages?

Описание: Thinking of overpaying your mortgage or remortgaging early? You might face an Early Repayment Charge (ERC) — and it could cost more than you think.

💸 What is an ERC?
It’s a penalty charged if you:

Pay off your mortgage early

Remortgage during a fixed-rate or discounted period

📉 The fee is usually 1–5% of your outstanding mortgage balance, depending on your lender and how early you exit.

✅ Some mortgages allow small overpayments (e.g. 10% a year) without penalties — but go over that, and you’ll trigger charges.

📲 Always check your mortgage terms before switching or overpaying. Need help reviewing your deal? Contact me for expert advice.