Early repayment charges
These are the charges that will apply to your mortgage if you want to overpay or repay early.
Can I make overpayments?
With this mortgage you’re able to make unlimited overpayments without incurring any early repayment charges. Any extra monthly payments or lump sum payments you wish to make will be classed as overpayments and can be paid by standing order, cash, cheque or transfer. Debit card payments can also be made over the phone or in branch. When you make an overpayment your account is credited for the sum received, and your balance adjusted.
Any overpayment you make will be deducted from your balance on the same day and your interest adjusted – allowing you to benefit immediately.
By making extra payments to reduce your balance, the daily interest charged to the loan will also reduce, which will mean that the cost of your mortgage is reduced.
What if I want to repay early?
There are no early repayment charges on our Interest Only 2 Year Discounted Rate Mortgage.
What if I want to move home?
If you move house during the discounted rate term you may transfer the balance and remaining term of the discounted mortgage to your next home, without penalty. These requests will be subject to our underwriting criteria and the terms can't be extended to any further borrowing if the product has been withdrawn.
What happens at the end of my discounted rate deal?
At the end of the discounted rate term, your mortgage will revert to our Cambridge Variable Mortgage and you’ll pay our Standard Variable Rate for the remainder of the mortgage term. You’ll still be able to make as many overpayments as you like without incurring any early repayment charges. We’ll write to you when your discounted rate comes to an end to provide you with details of our Cambridge Variable Mortgage.