If you have a fixed-rate loan for 5 years, we charge a fee for any early repayments. In the first year, the fee is 5% of the amount you reduce from the loan balance. After that, the fee reduces by 1% each year. For example, if you have 4 years left on the fixed rate, the fee will be 4%, for 3 years it will be 3%, for 2 years it will be 2%, and in the last year, it will be 1%.
If you have a 3-year fixed-rate mortgage, the fee for early repayments is 3% in the first year. Then, it reduces by 1% each year. So, in the second year, the fee is 2%, and in the final year, it is 1%.
Maximum loan repayment periods are aligned to the rest of our mortgage product suite being 30 years if drawn on an amortised repayment basis, or over a maximum term of 35 years if drawn as a serial repayment loan.
In order to finalise the mortgage, we have an Arrangement Fee in place of 0.25% of the value of the mortgage. A minimum fee of £999 applies.
Should you decide to switch to another mortgage solution after the end of your initial rate, this is possible with a one-off product switch fee of 0.25%, minimum £999.
