Nationwide lowers the early repayment charges attached to its mortgages

by Aaron Strutt

Oct 09 2014

Nationwide Building Society has lowered the early repayment charges (ERC’s) attached to its mortgages, in a move designed to bring them more in line with their competitors.  

Previously the lender had ERC’s which were flat throughout the fixed or tracker rate period, for example their five-year fix had a 4% charge for repaying the loan early. This has been changed to a reducing scale, meaning the charge gets lower each year the mortgage goes on.

Aaron Strutt, product manager at Trinity Financial, says: "When you are choosing a mortgage it is worth making sure you know how much it will cost to repayment the debt, especially if you might want to repay the mortgage early.

"Trinity has access to a host of mortgages without early repayment charges and there are even a few fixed rates without exit fees."

Nationwide's customers will still be able to repay 10% of the outstanding balance each year without charge.

If you would help to secure a mortgage without charges for the repaying the mortgage early, call Trinity on 020 7016 0790.