Definitions for "Early Redemption Payment"
Penalty charged by a lender for withdrawing from a mortgage before the date specified in the mortgage conditions. These penalties are usually associated with fixed or discounted loans.
A fee charged by your mortgage lender if you decide to move your mortgage away from the lender during a tie in period.
A financial penalty written in to some mortgages with initial incentive rates below market interest levels. Early completion of the mortgage levies the penalty payment.