From 1st February 2010, we have been waiving our Early Repayment Charge (ERC). This represents a significant saving if you want to pay off some or all of your mortgage during any period that an Early Repayment Charge applies.
This means you could benefit if you are:
- Remortgaging for a better deal – You may want to move to another lender to get a lower mortgage rate, or have the security of a fixed rate deal. You might also want to borrow additional funds, which we can no longer offer you.
- Making a capital repayment – By making a lump sum payment you can reduce the balance on your mortgage and the amount of interest you pay.
- Selling your property – If you need to sell your investment property, you can do this at any point without worrying about having to pay an Early Repayment Charge.
How long will the waiver be available?
We anticipate that this offer will be available indefinitely. However we do reserve the right to withdraw the offer. If this happens we will give you three months notice, giving you a chance to complete any remortgage or sale.
The waiver only applies to any capital repayments you make, or if you redeem your mortgage in full within the offer period.
You’ll find the answers to the most commonly asked questions about the waiver below.
Q&A for landlords and homeowners
If you have any further questions, please contact us.