You can pay up to 10% of the outstanding mortgage balance each year without having to pay any early repayment charges. An early repayment charge may apply if you repay more than 10% in any one year or if you repay your fixed rate mortgage early in full.
For our long-term fixed rate products, you will have to pay an Early Repayment Charge if, in any year, the amount you repay early is more than 10% of the original loan.
You will not have to pay an Early Repayment Charge when:
You repay the Loan in full using your own resources without borrowing from another lender.
The property is sold, and the net proceeds of that sale are applied in or towards payment of the total sum outstanding.
The proceeds of a claim under the insurance of the property are applied in or towards payment of the total sum outstanding.
The loan is repaid in full after your death or critical illness.
You can see all of the possible charges and fees here.