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What are Early Repayment Charges ?

Charges early repayment
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What are Early Repayment Charges ?

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In return for the benefits they offer, some mortgages carry a charge if you repay all or part of your mortgage in the early years or switch to a different mortgage – these are called early repayment charges.

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An early repayment charge can be incurred if part or all of your mortgage is paid off before a pre-agreed date, or moved to another product or lender. If a charge applies it will be explained to you as part of the mortgage application process and full details will be provided in your mortgage documentation.

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