Will I have to pay early repayment charges when I sell my house?
Yes, you may have to pay early repayment charges (ERCs) when you sell your house, but it depends on the type of mortgage you have and where you are in your deal.
If you are on a fixed-rate or discounted mortgage, lenders often apply an ERC if you repay the loan before the agreed term ends. This charge is usually calculated as a percentage of the remaining mortgage balance and tends to reduce the closer you are to the end of your fixed period.
In some cases, you may not have to pay anything if:
- Your fixed term has ended
- Your mortgage product does not include ERCs
- You are moving to another property and your lender allows portability (although fees could still apply)
When you sell, your solicitor will request a redemption statement from your lender, which will confirm exactly what is owed, including any charges. These costs are then deducted from the sale proceeds on completion.
Sell House Fast can help you move quickly with a cash offer to give you a clearer idea of costs upfront and reduce the risk of delays during the sale process.
