Some lenders stipulate that the borrower keep their mortgage with that lender for a period of time after the agreed, discount or fixed rate period has ended. If the borrower moves their mortgage elsewhere during the tie in period, they may have to pay an early repayment charge. The Society does not apply extended tie […]
A fee you would have to pay if you want to leave your mortgage during a specified period, usually the period of the initial deal. Any ERCs are detailed within the KFI document provided to you.