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Before applying for a new deal, ask the current lender for a cash redemption figure, the date that figure applies and the date any ERC ends. Then compare the ERC and every cost of switching with the interest and other savings you expect. A lower advertised rate is not automatically cheaper.
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What is an early repayment charge?
An early repayment charge is a fee written into some mortgage contracts when you repay the loan before a specified date. The charge period is often linked to a fixed-rate or discounted-rate deal, but the contract may define another period. The Financial Conduct Authority (FCA) says a lender is likely to charge an ERC if you repay before a fixed or discounted deal ends.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchA remortgage to a different lender usually requires the old mortgage to be redeemed in full, so it can trigger the ERC even though you are borrowing again immediately. Some mortgages do not have an ERC, and some charge a flat amount rather than a percentage. Your offer document and current lender’s quotation control the answer for your loan.
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MoneyHelper gives a broad guide of about 1% to 5% of the outstanding balance for many ERCs, while noting that some products use a flat fee. That range is not an individual quote and should not be used to estimate your own bill.
When will you pay an ERC if you remortgage?
Switching before a fixed or discount period ends
If your introductory period is still running on the completion date for the new mortgage, the old lender may treat the remortgage as an early repayment. The relevant date is normally when the existing loan is repaid, not when you first submit an application or receive an offer.
Repaying during another specified charge period
Some contracts apply an ERC outside a standard fixed-rate period, such as during a tracker or other incentive period. Read the schedule in your mortgage offer rather than assuming that a variable rate means there is no charge.
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Once the contractual ERC period has finished, an ERC should no longer be due under that provision. Confirm the exact end date with the lender: a deal can end on a particular day, and the rate or standard variable rate that follows may apply immediately afterward.
How much will your early repayment charge be?
The calculation is contract-specific. Your mortgage may set a percentage of the balance, a stepped schedule that falls over time, or a fixed cash amount. A percentage-based charge generally becomes smaller as the balance is paid down, and many schedules reduce as the deal approaches its end, but neither pattern is universal.
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Ask for an up-to-date redemption statement or cash redemption figure. Request these details in writing:
- the total amount needed to repay the mortgage on a stated date;
- the ERC included in that total and the clause or schedule used to calculate it;
- the date on which the ERC reduces or ends;
- daily interest, exit or administration fees that will change the figure; and
- how long the quotation remains valid.
A figure produced for one date can be wrong for another because the balance, interest and charge band may change. If your completion date moves, obtain a refreshed statement.
What FCA rules require lenders to disclose
For a regulated mortgage contract, FCA Handbook rule MCOB 12.3.1 says an ERC must be expressible as a cash value and be a reasonable pre-estimate of the costs caused by early repayment. The rule states:
“A firm must ensure that any regulated mortgage contract that it enters into does not impose, and cannot be used to impose, an early repayment charge other than one that is: able to be expressed as a cash value; and a reasonable pre-estimate of the costs as a result of the customer repaying the amount due under the regulated mortgage contract before the contract has terminated.”
MCOB 12.3.1 is a rule about how the charge is structured; it does not calculate your personal amount. MCOB 12.3.4 also requires the maximum ERC, where applicable, to be shown in specified illustrations and offer documents. Check those documents, then rely on the lender’s current cash calculation for an actual redemption.
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How to obtain your own figure: a practical process
- Locate the original terms. Find the mortgage offer, illustration and any later variation. Look for “early repayment charge”, “redemption fee”, “incentive period” and the schedule of percentages or amounts.
- Identify the charge end date. Note the date and time period precisely, including whether the schedule changes on an anniversary or another stated date.
- Ask the lender for a redemption statement. Request the cash amount for your planned repayment date, with the ERC itemised. Ask whether the statement includes daily interest and administrative fees.
- Check permitted overpayments. The lender can explain how much you may overpay without a charge during the current deal and how an overpayment would alter the balance used in an ERC calculation.
- Recalculate if timing changes. A delayed valuation, legal issue or mortgage-offer expiry can move completion into a different charge band. Obtain a new statement rather than relying on an old estimate.
Is it worth paying an ERC to switch?
Use the lender’s redemption figure as a real cost of switching, then compare the complete cost of each realistic option over the period you expect to keep the mortgage. Include:
- the ERC and any other amount required to redeem the old loan;
- the new mortgage’s product or arrangement fee, whether paid upfront or added to the balance;
- legal, valuation, administration and broker costs;
- interest and capital payments under the proposed deal;
- the rate and payment that would apply after any introductory period; and
- the cost of waiting, including payments on the current deal and the rate available when it ends.
Compare the total pounds paid, not just the initial monthly payment. A longer term or a fee added to the loan can make a lower headline rate cost more over the period that matters to you. MoneyHelper’s guidance on remortgaging to get the best deal stresses that fees and an existing ERC can change whether switching is beneficial.
A simple break-even calculation
Subtract the monthly payment on the proposed deal from the payment on the current deal to estimate the monthly saving, using the same outstanding balance and a realistic term. Divide the one-off switching costs (ERC plus new fees) by that saving. The result is only a screening point: rates can change, balances amortise, and the introductory rate may expire before you recover the costs. Recalculate using total interest and fees for your intended holding period.
MoneyHelper’s illustration
MoneyHelper publishes an illustration for a £200,000 mortgage over 20 years. It reports total mortgage costs of £303,572 for a 4.5% option with no product fee, compared with £304,102 for a 4.4% option with a £2,000 fee added to the mortgage.
| Illustration | Rate | Product fee | Reported total mortgage cost |
|---|---|---|---|
| Option 1 | 4.5% | £0 | £303,572 |
| Option 2 | 4.4% | £2,000 added to the mortgage | £304,102 |
These figures are MoneyHelper’s worked example, not a current market quotation or a forecast for your mortgage. They demonstrate why the lowest nominal rate does not necessarily produce the lowest total cost. Your ERC and transaction fees must be added to the comparison.
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Should you wait, transfer, or remortgage now?
Wait until the current deal ends
Waiting can avoid an ERC once the charge period has ended. Confirm the exact end date and the rate that will apply afterward. MoneyHelper notes that many borrowers arrange a new deal near the end of a fixed or discount term, so allow time for an application while checking whether an early completion would still trigger the charge.
Take a product transfer from your current lender
A product transfer replaces the interest-rate product with the same lender; it is not a remortgage to another lender. Compare its rate, fee, term and flexibility with a new-lender offer. Ask whether the transfer can be arranged to start when the existing incentive period ends and whether changing earlier would create an ERC.
Remortgage to another lender now
This may make sense when the expected interest saving over your holding period is comfortably greater than the ERC and all new costs. Check affordability, loan-to-value, valuation and completion timing before treating an advertised rate as available to you.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happens if you are moving home?
Moving house is a separate decision from switching rates. MoneyHelper says most mortgages are portable, but porting is treated as a new mortgage application and remains subject to the lender’s affordability and other criteria. Portability is therefore not an automatic right to keep the loan or to avoid an ERC.
Ask the lender whether your existing balance can be ported, what happens if the new property is cheaper, and whether extra borrowing would be placed on a separate product. Only the existing balance may remain on the old deal; additional borrowing can require a different rate and new affordability assessment. If the port is refused or the transaction does not meet the lender’s conditions, repaying the old loan may still trigger the contractual ERC.
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Can an overpayment reduce the cost?
Some mortgages permit a limited annual overpayment without a penalty, while an amount above the allowance may incur an ERC. The allowance and calculation method depend on the deal, so check with the lender before making a lump-sum payment or increasing regular payments. MoneyHelper’s guidance on paying off a mortgage early also recommends checking the lender’s rules.
Do not assume that using an allowance eliminates the charge on the rest of a remortgage. Ask how the lender treats an overpayment, a partial redemption and a full redemption, and request the resulting balance and charge in cash terms.
Common mistakes and how to avoid them
- Using a generic percentage. The 1% to 5% guide is not your quote. Obtain the lender’s dated cash figure.
- Comparing rates only. Add the ERC, product fee, legal, valuation and administration costs and compare total costs over your intended period.
- Ignoring the completion date. An application submitted before the end of a deal can still complete during the ERC period.
- Assuming a variable rate has no charge. Read the contract for any specified charge period.
- Treating portability as guaranteed. Porting still requires a new application and affordability checks, and extra borrowing may be on another deal.
- Overpaying without checking. Confirm the permitted allowance and the effect on your redemption figure before sending a lump sum.
- Relying on an old redemption statement. Request an updated figure if the repayment date, balance or rate changes.
A decision checklist
- Read the offer and illustration for the ERC schedule, charge end date, overpayment terms and portability conditions.
- Get a dated redemption statement from the current lender, with the ERC and every redemption cost itemised.
- Obtain the proposed mortgage’s full cost, including product, legal, valuation and administration fees.
- Model total payments and interest over the period you expect to keep the loan, including what happens after any introductory rate.
- Compare the result with waiting for the current deal to end and with a product transfer from the existing lender.
- If moving home, confirm porting eligibility, affordability requirements and the treatment of any additional borrowing.
- Proceed only when the expected benefit remains positive after allowing for timing risk and fees.
Sources and further guidance
The FCA’s consumer explanation is available at Support available for mortgages as interest rates rise. MoneyHelper explains ERCs at If you’re worried about rising mortgages, compares remortgaging options at Remortgaging to get the best deal, and provides the worked comparison at its detailed remortgaging page. The FCA rules are in MCOB 12, Charges.
The Bottom Line
An early remortgage is worthwhile only when the saving over your realistic holding period exceeds the ERC and every new cost. The current lender’s dated redemption figure—not a generic percentage or headline rate—determines the decision.
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