What is an ERC charge?

Another situation where an ERC may be levied is if you make overpayments that exceed the limit set by your mortgage deal. Many mortgage deals come with restrictions on the amount of extra payments you can make without incurring penalties.

Transferring your mortgage, either partially or in full, to another deal before the termination of your existing agreement can also trigger an ERC. This might occur if you find a more favorable mortgage rate or if your current lender does not offer competitive terms for renewal.

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An early repayment charge (ERC) represents an additional expense that you might incur under specific circumstances related to your mortgage.

One scenario where an ERC applies is when you decide to pay off your mortgage entirely before the expiration of your current mortgage deal. This could be due to various reasons such as financial windfalls or a change in personal circumstances.