a charge that is made if you switch your mortgage to another lender within a set period of time
Where a mortgage is for a fixed or capped rate of interest, or where it is discounted, there is usually a penalty to pay in the event that the mortgage is repaid before a set period of time.
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A penalty incurred by the borrower if they repay the loan early.
This is a charge for ending a mortgage before the agreed term has ended. This can be charged if a borrower pays the mortgage off earlier than agreed in the contract, of if the borrower remortgages with another lender. Some contracts might include time periods where the charges for ending the contract are larger than normal. This is known as a higher early redemption penalty.
A penalty charged by a lender if the borrower withdraws from a mortgage before a specific date, details of which will be on your mortgage offer. These penalties are particularly used by lenders where the mortgage is taken out on special/preferential terms (eg: fixed or discounted rates, cashback, etc)
The financial penalty that you would have to pay for fully repaying your mortgage or making a lump sum reduction of the balance within a particular period. Such penalties often apply to discounted, fixed rate, capped rate and cashback deals. Watch out for extended redemption penalties which apply beyond the rate-control period and tie you in for a number of years to a lender's standard variable rate.
A charge made by your lender if you choose to opt out of your mortgage (in the case of remortgaging, for example) before the date agreed to in your mortgage contract. The highest penalties are charged if you switch lenders while still in an introductory period.
See Early Repayment Charge (ERC).