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Glossary of Mortgage & Repossession Terms - E

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Early Redemption Penalty

A fee imposed by a lender if all or part of a mortgage is paid off before the expiry of a Fixed, Discounted or Capped Rate period or within a specified period for these and other products (such as Cash Back mortgages). These penalties typically equate to a number of months' interest, or to a percentage of the total loan amount. Also called Early Redemption Fee or Prepayment Penalty.

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The overall cost for comparison is 7.9% APR. The actual rate will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Our fee will depend on your circumstances, and indication is £1995. Evict Stop is a trading style of Nelson Finance Ltd (04483998), 96-98 Liverpool Rd, Kidsgrove, Stoke-on-Trent, Staffordshire, ST7 4EH. Calls to 0870 numbers are charged at national rates.