Fixed-rate, capped-rate, cash-back and discount rate mortgages commonly carry early repayment charges that can in some cases persist long after the initial special rate itself has expired. This can make it prohibitively expensive to move to a rival lender in the first few years of the loan. The Homebankâ„¢ online application shows you the size of any repayment changes and how it changes over time.

These were previously known as 'Redemption Penalties'. Many mortgages which include a beneficial period, such as fixed-rate, capped-rate, cashback and discount rate mortgages, commonly carry Early Repayment Charges that can in some cases persist long after the initial special rate itself has expired. This can make it prohibitively expensive to move to a rival lender in the first few years of the loan.Bradford & Bingley website shows you the size of any Early Repayment Charges and how it changes over time.

A financial penalty for repaying part or all of the mortgage before an agreed date. It is often applied to mortgage schemes that are either fixed, capped, discounted or cash-back types. The lender agrees to offer a package of benefits, providing the borrower agrees to keep the mortgage with them for an agreed length of time. Some lenders, and some scheme types, have no early redemption penalties at all.