Early repayment charge when changing lender?

Stu6781

If we wanted to change mortgage providers part way through a mortgage, do you have to pay the ‘early repayment charge’ which is £7000 in this instance, or is it just the ‘exit fee’ which is £50?

Thanks 

[Deleted User]

The ERC, if by 'partway through a mortgage' you mean it's still applicable. 

Stu6781

Yeah so we’re only 3 years into a fixed 5 year (30 years left) and want to change from virgin money to a different provider for a lower interest rate. So would we have to pay that 7k or just the £50?

[Deleted User]

7k.         

[Deleted User]

Both would be payable if leaving the lender before the end of the fixed term contract