Something I just don't get

I'm looking to remortgage but am also playing with the idea of becoming mortgage free. How do people overpay in the face of Early Repayment Charges? Or am I misunderstanding this and it is only if you intend to switch again within a certain 'deal period' that you'd have to pay this?

I know on my last fixed deal I could only overpay by up to 20% but if I'm interested in becoming MF do I need to avoid this sort of condition?

Just dipping my toes at the moment!!
"He hopes and he wished it but it didn’t fall in his lap so he ain’t even here"


  • CathTCathT Forumite
    7.1K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Usually ERC charges apply if you want to come out of mortgage but providers will impose restrictions on what overpayments you can make within this mortgage deal. Should be specified on your paperwork. Eg, I am on a fixed tracker but am free to make any OP's I like on the mortgage. No minimum - no maximum. Even if I could only overpay 10% a year I would never achieve this figure anyway.

    Jan 2023 - part 1 - £41,139 part 2 - £27,778 Total - £68,917 58 months to go!
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