Just 4 Mortgages
What Is A Mortgage Exit Fee?
Guide
A Mortgage Exit Fee is a fee that you incur when you reach the end of your mortgage or if you are repaying all of your mortgage early or remortgage to a different lender completely. Not all lenders will have this fee and it can be referred to as a discharge fee, closure fee or repayment administration fee. The fee is there to cover the administration costs of closing down your mortgage. It is important to know that a Mortgage Exit Fee is different to early repayment charges (ERC'S). If you need to know more about Early Repayment Charges, we also have a handy guide for that too!
How Do I know If I have an Exit Fee?
On your mortgage offer, under the fees section it will detail any fees that are due to be paid including an exit fee. It will also detail this under the section about Early Repayment. If you are still not 100% sure if this fee is relevant to you, we advise you to give your lender a call and they will detail how much this fee is, when you will be charged and how you can pay this. Depending on the lender the cost does differ between £50 to £300.
If you would like any more information on the above or help with a mortgage transaction, give us a call or pop us an email to be passed over to one of our friendly, in office, advisers!
01623 622611
admin@just4mortgages.co.uk
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but a typical fee will be £494