Mortgage exit fee
Mortgages & secured lendingA fee charged when you close a mortgage or switch lenders.
Overview
Exit fees are also called redemption or deed release fees.
They add to the cost of remortgaging.
Why it matters
- It affects the total cost of switching.
- It can reduce the savings from a new deal.
- It should be considered when remortgaging.
FAQs
Is a mortgage exit fee the same as an early repayment charge?
No. Exit fees apply when closing the mortgage; early repayment charges apply during a deal.
Can I avoid exit fees?
Some lenders waive them, but it depends on the product.
Related terms
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