Our Early Repayment Promise

All of our mortgages benefit from the Hodge Early Repayment Promise – a feature we introduced to give you the flexibility you might need if your circumstances change.

The Hodge Early Repayment Promise gives you peace of mind, knowing if something happens which means you need to sell your property and move out, you won’t be penalised by early repayment charges – giving you one less thing to worry about.

Here’s exactly how it works.

What is the Hodge Early Repayment Promise?

It’s common for mortgage providers to charge you a fee – known as an Early Repayment Charge – if you pay off your mortgage early. This is often a percentage of your mortgage, which, depending on your circumstances, can be hundreds – or, in some cases, thousands – of pounds.

At Hodge, we understand life is unpredictable, and something could happen which would mean you have to sell your home before you expected to. That could be for any number of reasons – from downsizing, to becoming unwell, or a relationship breaking down.

Alternatively, you may decide to move abroad or relocate to be closer to family, and want to sell up before doing so. These situations can be stressful enough, without worrying about having to pay fees to your lender as a result. That’s why we introduced the Hodge Early Repayment Promise,

Our promise to you means if you sell your home, pay off your mortgage completely, and move out, we’ll waive your Early Repayment Charges – giving you one less thing to worry about.

What mortgages does it apply to?

The Hodge Early Repayment Promise applies to all of our residential mortgages including our Holiday Let mortgage.

How soon does the Hodge Early Repayment Promise apply?

From day one. There’s no introductory period, or length of time you need to have a mortgage with us before the Hodge Early Repayment Promise applies.

How is it different to ‘downsizing protection’?

Downsizing protection’ or ‘downsizing guarantee’ are familiar terms used in the Equity Release mortgage world. We’ve taken elements of this feature, and incorporated them into our other, more mainstream mortgage products.

What if I’m buying a bigger property?

You don’t have to be downsizing to benefit from the Hodge Early Repayment Promise. You might be buying a bigger property, moving in with someone else, or retiring abroad – it doesn’t matter. As long as you’re paying off your mortgage in full and moving out of your home, you won’t pay any Early Repayment Charges.

So, you’re scrapping Early Repayment Charges completely?

No. The Hodge Early Repayment promise only applies if you’re selling your home, paying off the mortgage in full, and moving somewhere else. In other circumstances, like re-mortgaging before your fixed term is up, or switching to another lender, you’ll still have to pay Early Repayment Charges. You’ll be able to find this information in your mortgage documents.

How do I access it if I need to?

If you’ve got an existing mortgage with us and are thinking of selling your home, get in touch with your Financial Advisor to find out more about whether the Early Repayment Promise applies to you and what to do next. If you’re having trouble finding one, please contact us and we’ll assist you.