Estimate the early repayment charge (ERC) you'd pay for leaving your current mortgage deal before the fixed or tracker period ends.
How much you currently owe
The full balance if you're switching lenders; a lump sum if you're overpaying
Most deals let you overpay this much per year with no charge — check your mortgage offer
Charged on repayment above your allowance — found in your mortgage offer
Early repayment charge
£5,940
This result is an estimate only and does not constitute financial advice.
Charged on
£198,000
The amount above your penalty-free allowance
This result is an estimate only and does not constitute financial advice.
Note: This is an estimate. The exact rate, the penalty-free allowance and how it steps down over the deal aren't standardised across lenders — always confirm the exact figures in your mortgage offer or annual statement before you decide.
An early repayment charge (ERC) is a fee your lender applies if you repay some or all of a fixed or tracker mortgage before the deal ends. Lenders price those deals assuming you'll stay for the full term, so leaving early — by remortgaging, moving, or paying off a large lump sum — breaks that assumption, and the ERC is how they recover the interest they expected to earn.
Most fixed and tracker deals also come with a penalty-free overpayment allowance, commonly around 10% of the balance per year. You can repay up to that amount with no charge at all; the ERC only applies to whatever you repay above it.
The rate itself is usually a percentage of the amount repaid, and it often steps down the closer you get to the end of the deal — for example, higher in year one of a five-year fix than in year four. Both the rate and the allowance are set by your specific mortgage contract, not by law, so they can vary significantly between lenders and even between products from the same lender.
If you're weighing up whether to leave early, it's worth comparing the charge against what a new deal would actually save you — try the remortgage savings calculator to see the other side of that trade-off.
Use the calculator above to estimate the charge for your own balance and deal terms.
Speak to a broker who can weigh the exit cost against what you'd actually save by remortgaging.