Mortgages with no early repayment charge

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Mortgages with no early repayment charge

There are some mortgage products available with no early repayment charges which means you can exit the mortgage product at any time without having to pay a penalty. 

Most mortgage products come with a clause whereby you cannot exit the mortgage whilst you are within your incentive period, so for example whilst you are in your 2 year fixed rate or 5 year fixed rate product. 

Why would you want a mortgage with no early repayment charges? 

  1. You want to purchase a property and your circumstances are looking to change in the very short term and you may need a more suitable mortgage product in the very near future. 
  2. Plan to sell other assets to reduce the current mortgage and not be charged for going over 10% of the outstanding balance per year. 
  3. Want to change your current mortgage into a buy to let in the short term and will want to find a suitable product at that time.

Speak To Hemal

I have successfully assisted hundreds of people get their dream mortgage. With many years of experience as a Mortgage Broker. I have come across all types of clients who have trusted me to guide them through what can feel like a daunting process. I provide and lead my clients through this entire process with a precise, attention to every detail, in an effort to make sure their mortgage plans are being met with clarity and proficiency.

What type of mortgages are available with no ERCs?

Fixed rate mortgages: You can fix your mortgage for a period of time knowing that there are no early repayment charges. You will pay the same amount every month through the fixed period. 

Tracker mortgages: You can have a tracker rate which follows the bank of england’s base rate. If the base rate goes up then your monthly mortgage will go up and if the base rate goes down then your monthly mortgage payment will come down.  There are tracker mortgages available with no ERC.  

Standard variable rate mortgages: If you move into this rate after your incentive period then there would be no early repayment charges to pay to exit this mortgage product.

Buy to let mortgages: Landlords tend to buy and sell properties so demand is high for no ERC products. 

No ERCs mortgages for property developers

If you are a property developer who is looking for a term mortgage with no early repayment charges because you want to do a property development and sell the property then you need to beware that a mortgage product with no ERCs may not be suitable for you. Lenders will always look at your intentions at the onset to decide on whether they will lend. 

If your intention is to do a side and rear extension and turn the property into a HMO property and then exit the mortgage product because you want to refinance at the higher value then you would not qualify for a mortgage product with no ERCs. Instead what you need is a short term bridging loan to allow you to do the development then exit the bridge loan onto a term mortgage. Most bridging loans come with no ERCs. Keeping this information from lenders on application and fulfilling this strategy once the mortgage is in place is deemed as mortgage fraud. 

How can we help?

Over the years we have helped many individuals and families secure a mortgage product with no ERCs. We provide advice and recommendations according to your circumstances when obtaining a mortgage. Our advisors assess your circumstances and then advise and recommend according to your needs.

Why Mortgage Avenue

About the author

Hemal is an expert in mortgages and has successfully helped many people buy and remortgage their properties by fully assessing your needs and making advice and recommendation that suits your circumstances.
Hemal started the business during the pandemic and put customer service and expert advice at the forefront. Hemal has had media publications like BBC news, BBC radio and other media sources.
Read more about Mortgage Avenue.