Early Repayment Charges

An early repayment charge is also known as a ‘redemption charge.’ This charge applies when the borrower wishes to redeem their mortgage within the scheme period.

Early repayment charges must be taken into consideration at start of an application. A Keyfacts Illustration and mortgage offer will demonstrate this. Applicants whom are remortgaging or selling their existing properties are advised to speak to their existing mortgage providers and to confirm the total amount.

For example: 6% within the first 3 years. Therefore a loan of £100,000 equates to £6000 penalty.

Most mortgage lenders offer a portability feature which is advised to avoid such penalties. Our mortgage brokers will be able to source and advise you the right deals based on your circumstances.

If you require mortgage advice and you’re a first time buyer; please submit your details above and one of our mortgage brokers will call you. We Know Mortgages Ltd have access to thousands of mortgage products across the high street and building societies. We’ll guide you through the mortgage process from start to finish. We are based in Manchester city centre.