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Will I need to pay the early repayment charge if I move home?

If you are currently on a fixed or tracker rate deal, you may be able to move your current rate to your new home without incurring an Early Repayment Charge (ERC). 

  • Your new mortgage application must be completed prior to redeeming your current mortgage.
  • When you move home you can take your existing mortgage balance at your existing rate and there is no need to pay an early repayment charge.
  • If you need a bigger mortgage, then you can port your existing borrowing and take advantage of our current great deals for the difference.
  • If you're downsizing and reducing the size of your mortgage, then an early repayment charge may be applicable, subject to any remaining overpayment allowance.

You can find full details of this in your existing mortgage Offer document.