On some products if you choose to repay your mortgage within the introductory incentive deal period, or you make a repayment of more than 10% of your mortgage balance, you will need to pay an early repayment charge (ERC). These charges differ by product type and term.
Fixed Rate products
We calculate our ERCs on our Fixed Rate products as a percentage of the outstanding mortgage balance at the time of repaying the mortgage. Current charges are as follows:
|
Initial Fixed Period |
2 Years |
3 Years |
4 Years |
5 Years |
10 Years |
15 Years |
|
Percentage ERC |
3% |
3% |
4% |
5% |
6% |
7% |
Variable Rate Tracker products
We calculate our ERCs on our Variable Rate Tracker products as a percentage of the outstanding mortgage balance at the time of repaying the mortgage. Current charges are as follows:
|
Initial Fixed Period |
2 Years |
3 Years |
5 Years |
10 Years |
15 Years |
|
Percentage ERC |
2% |
2% |
3% |
4% |
5% |
Benefit packages and solutions
If your mortgage product has a benefit package, such as Homebuyer Solution, Remortgage Solution, or Premier Homebuyer Solution, you will also be charged a fixed ERC amount on top of your percentage ERC amount if you choose to repay your mortgage before the end date on your benefit package. The additional fixed amount payable varies by benefit package as follows:
Details of the ERC payable will also be shown on your mortgage quote Key Facts Illustration if you choose to apply.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
You are here: