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?
While in your fixed rate term you can make overpayments of up to 10% of your mortgage balance during every 12 month period without having to pay an early repayment charge.
This 10% overpayment allowance is calculated using the balance of your mortgage at the time it completes. Each 12 month period starts on the anniversary of your mortgage completing.
If you choose a new mortgage deal with us at any point we’ll use this balance and date to calculate your overpayment allowance.
Any amount repaid over 10% of your mortgage completion date balance will incur an early repayment charge equal to:
- 5% of the excess overpayment in year one
- 4% of the excess overpayment in year two
- 3% of the excess overpayment in year three
- 2% of the excess overpayment in year four
- 1% of the excess overpayment in year five
What if I want to repay early?
If you switch your loan to another lender, a different mortgage deal with us, or repay it in full before the end of the fixed rate term, you’ll have to pay an early repayment charge equal to:
- 5% of the outstanding balance in year one
- 4% of the outstanding balance in year two
- 3% of the outstanding balance in year three
- 2% of the outstanding balance in year four
- 1% of the outstanding balance in year five
What if I want to move home?
If you move house during the fixed rate term you may transfer the balance and remaining term of the Fixed Rate 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subject to our underwriting criteria and the terms can't be extended to any further borrowing if the product has been withdrawn.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 fixed rate deal?
At the end of the fixed 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. From this point you’ll be able to make as many overpayments as you like without incurring any early repayment charges. We’ll write to you when your fixed rate comes to an end to provide you with details of our Cambridge Variable Mortgage.