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Higher Early Repayment Charge
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A Higher Early Repayment Charge will usually be found in conjunction with fixed rate, capped and discounted mortgages. As the lender has given the borrower an attractive mortgage package they will impose an extra charge over and above the normal early repayment charge if the mortgage is paid off within the period of the special terms.
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Last Updated: May 2007 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.