Pay no Early Repayment Charge on your mortgage

We are pleased to announce the relaunch of our Early Repayment Charge waiver from 1st February 2010.

An Early Repayment Charge (ERC) could represent a significant cost that you would need to pay, if you were to pay off some or all of your mortgage, during the period that any Early Repayment Charge applies:

By paying no Early Repayment Charge you could benefit in a number of ways if you are:

  • Remortgaging for a better deal - You may want to move to another lender to take advantage of a lower mortgage rate, or the security of a fixed rate deal. Alternatively you may want to borrow additional funds, which we can no longer offer you
  • Making a capital repayment - By making a lump sum payment you can permanently reduce the balance on your mortgage and reduce the interest you pay. This will also improve your equity position by helping to reduce the loan to value of your mortgage
  • Selling your property - If you are thinking of selling your property, you can do this at any time during the waiver period without having to pay an Early Repayment Charge

    You are of course under no obligation to move your mortgage elsewhere, and if you stay with Bradford & Bingley your mortgage will continue on its existing terms and conditions.

    How long will the waiver be available for?

    The Early Repayment Charge waiver begins on 1st February 2010 and will be available until further notice. Although we anticipate continuing this offer indefinitely, we reserve the right to withdraw this offer in the future.

    If this happens we will give you 3 months written notice of the end date, giving you the opportunity to complete any remortgage or sale.

    The waiver will only apply to any capital repayment you make, or if you redeem your mortgage in full within the offer period.

    To help you with any questions you may have about the Early Repayment Charge waiver, we have provided answers to some of the most commonly asked questions below.

    Q&A for Landlords and Homeowners

    If you have a question that we have not answered in the Q&A, contact us for more information.