What is an early repayment charge?

A fee for paying off or leaving your mortgage during the fixed or discounted period. It is a percentage of the balance and it can be thousands.

A common shape on a five year fix is 5% in year one falling by a point each year to 1% in year five. On a £150,000 balance that is £7,500 at the start.

It usually applies to overpaying above an annual allowance too, commonly 10% of the balance a year.

Check the exact figures and the exact end date in your offer, because charges often run to a calendar date rather than to the anniversary, and leaving a fortnight early can be expensive.