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                                                   REDEMPTION PENALTIES
Redemption penalties
- This is where the lender imposes a penalty on the mortgage loan if it is repaid or part repaid during the term of the loan. When taking out a mortgage it is important to establish the redemption penalties. In practice many lenders now do not charge an early redemption penalty where the borrower is on the lenders variable rate.

However the majority of lenders charge penalties if the borrower selects a fixed, discounted or capped offer. There are two areas of penalty;

Early redemption penalty during offer rate - The lender charges a penalty for part or full repayment of the loan during a fixed, discounted or capped period i.e. If the borrower has a five year fixed mortgage and pays off the loan after 1 year, there may be a penalty of six months extra interest.

Early redemption penalty after offer rate (extended redemption penalties)- The lender may offer a fixed, discounted or capped rate for a fixed period. At the end of this period the mortgage reverts to the variable rate but retains early redemption penalties for a further period. For example a lender may offer a two year fixed rate with redemption penalties for five years.

It is most important that when a loan is being considered that redemption penalties are thoroughly researched. Often the lowest interest rates have the longest penalties. If you have a mortgage with no penalties after the offer rate, the borrower has the opportunity to take a further fixed, discounted or capped rate as soon as the original period expires. Unless there are specific circumstances the borrower should try to avoid extended redemption penalties.

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