Early Repayment Cost

Paying off or switching your mortgage to a new deal or rate before the end of the agreement period can incur an ‘early repayment charge’. These ERCs are usually a percentage of the remaining mortgage amount and can cost thousands, therefore it is important to understand and weigh up the benefits of doing so.

The early repayment cost calculator below provides you a guide on how much it could cost to leave your agreement earlier than intended.

Find out how much it could cost to exit a mortgage agreement early

Current mortgage balance

£100000

£25,000

£900,000

Current interest rate

4.5%

0%

10%

£1000

£250

£15,000

How long until the charge ends?

2

1 year

50 year

1

1 month

11 months

In order to save your penalty, you need to achieve between:

% (if the lender pays your fees*) and % (if you have to pay the fees*)

Free Mortgage Advice with L&C

The team at L&C believe that buying a home should be fun and remortgaging should be simple.

Finding the right mortgage and moving house can feel both time-consuming and daunting. Especially when there are so many options and decisions to be made. That’s why L&C do all the hard work for you. They’ll search for great deals across the market, and as the UK’s leading fee free mortgage broker, they won’t charge you a penny. Get in touch with one of their expert advisers and find the right mortgage for you.

Our Mortgage Calculators

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Early Repayment Charge

Discover how much it will cost to exit a mortgage agreement early.

Looking for a mortgage or need some advice? Speak to an expert at L&C today

The House Network Mortgage Service is provided by London & Country Mortgages (L&C), Beazer House, Lower Bristol Road, Bath, BA23BA, London & Country are authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

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