Early Repayment Charges (ERC’s) would be detailed on your Key Facts Illustration and Mortgage Offer and these can vary in percentage from one lender to the next – typically they will apply if you redeem either all of your mortgage or a certain amount of it, whilst still within the initial product term – so for example, you’ve just got a 2 year fixed rate mortgage and 3 months later you win the lottery and pay the whole thing off. Chances are you’ll have a penalty which we’d estimate to be 2 or 3% of the balance owed.