If you are looking to change or transfer your mortgage, the first thing to consider is whether your current loan is within its early repayment period. This is the period typically with a fixed rate or promotional discounted rate mortgage when you may be liable to a charge if you wish to leave that mortgage. If your mortgage is subject to early repayment charges you must pay these charges when repaying your loan.
If you're not sure whether you have early repayment charges to pay, these, and the period they apply to, will be detailed in your mortgage offer. Alternatively, contact one of our mortgage advisers on 0345 300 2522 to find out more.
Can early repayment charges be refunded?
If you are moving home and take out your new mortgage with us and meet all the relevant conditions, we can refund these charges to you.
If your mortgage is portable and you complete a new mortgage with N&P on the same product terms as your current mortgage and for at least the same amount as is still outstanding on your existing loan (known as the portable amount) at the same time as repaying your current mortgage, no early repayment charge will be payable.
If, however, you complete a new mortgage with N&P on the same product terms as your current mortgage within six months of repaying your existing mortgage, the early repayment charge (or the appropriate part of it) will be refunded to you shortly after completion of the new mortgage.
If the new mortgage is smaller than your existing mortgage, the early repayment charge will be payable on the difference between the existing mortgage and the new mortgage.
A redemption administration charge will be applied when your mortgage is repaid in full. See our tariff of mortgage charges for more details.