Early Repayment Charge means any charge or fee which the Mortgage Conditions applicable to a Mortgage Loan require the relevant Borrower to pay in the event that all or part of that Mortgage Loan is repaid before a certain date, including without limitation repayment of any "cashback";
Early Repayment Charge means any additional payment which the offer requires you to make if you repay all or part of the money you owe us before the end of the repayment period;
Early Repayment Charge means any charge or fee which the Mortgage Conditions applicable to a Mortgage Loan require the relevant Borrower to pay in the event that all or part of that Mortgage
Examples of Early Repayment Charge in a sentence
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You can repay your mortgage early, at any time, but you may have to pay an Early Repayment Charge as described in clauses 7 and 8.
Variable Rate Loans will not usually have an Early Repayment Charge.
An Early Repayment Charge may be payable in respect of these Loans for a set period of time, which generally corresponds with the term of the discounted interest rate.
Up to 10% of the original mortgage amount can be overpaid each year without charge, however, if the mortgage is redeemed or switched to another product during the product term then the full amount of the Early Repayment Charge will apply.
More Definitions of Early Repayment Charge
Early Repayment Charge means, any charge or fee which the Mortgage Conditions applicable to a Loan require the relevant Borrower to pay in the event that all or part of that Loan is repaid before a certain date, including without limitation repayment of any Cashback. Flexible mortgages Included within the Portfolio will be flexible mortgages with the following features that do not apply to non-flexible mortgages. Drawdown facility The Borrower may borrow additional amounts, subject to a minimum of £1,000 and up to the borrowing limit the Seller will set which, taking into account all amounts owing, will not exceed 95% of the value of the Property and will be subject to an assessment of the Borrower’s ability to repay (however, it should be noted, that no Loan in the Portfolio will exceed 90% of the value of the property). The Seller can vary the borrowing limit to reflect a change in circumstances. All additional drawdown borrowing must be repaid by the end of the Loan term. Payment holiday A Borrower can take a payment holiday of not more than a total of six months in any twelve month period, provided that the Loan is at least six months old, all payments are up to date with no arrears during the six months prior to the start of the payment holiday, the payment holiday does not cause the amount owed to the Seller to exceed the Borrower’s maximum borrowing limit and the Borrower's written request signed by all Borrowers of the particular Loan is agreed by the Seller. Overpayment A Borrower can make additional payments or "overpayments" to reduce the Loan at any time. If there is an overpayment, or a lump sum repayment, the amount owed and the amount of interest payable is re- calculated and reduced immediately. Underpayment A Borrower may pay less than the monthly payment:
Early Repayment Charge means the charge described in clause 13.
Early Repayment Charge means the early repayment charge (if applicable) set out in the Offer Letter which is payable in accordance with condition 4 (Early Repayment), the relevant periods being calculated from and including the Completion Date together with any applicable administration fee specified in the Offer Letter;
Early Repayment Charge. - means a charge you must pay if you decide to repay all or part of your loan. The charge only applies if you repay some or all of your loan in the first ten years. This is explained in more detail on page 8.
Early Repayment Charge will be the amount of early repayment determined by SBS as advised to you from time to time being:
Early Repayment Charge means any charge which the offer requires you to pay if you repay some or all of a loan or loan part before the end of any charge period which the offer specifies for that loan or loan part;
Early Repayment Charge. - means a charge you must pay if you decide to repay the starting loan or any further withdrawals you make. The charge only applies if you repay some or all of your starting loan or further withdrawal in the first 10 years. For further withdrawals the 10 years will start from the date of each withdrawal. This is explained in more detail on page 8.