Criteria guide

Early repayment charges (ERCs)

Early repayment charges are payable if the customer repays the mortgage loan or switches to another product before the end of the initial interest rate. They are based on a percentage of the amount that the customer repays or switches. Early repayment charges will also apply if the overpayment allowance is exceeded.

Early repayment charges do not apply after expiry of the initial fixed rate period.

See sourcing systems for details of current ERCs.

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