A mortgage early repayment charge (ERC) is a fee your lender may apply if you repay some or all of your mortgage before an agreed date. It commonly applies during a fixed-rate, discounted or tracker deal, including when you remortgage or sell, although some deals permit penalty-free overpayments up to a set limit. Check your mortgage offer or annual statement for the ERC period, amount and overpayment allowance. Before repaying early, ask your lender for a redemption statement and compare the charge with any potential interest savings; a mortgage adviser can help you assess the options.