Ensure that the money made by mortgage companies in Early Repayment Charges does not exceed the cost to the bank at any point during the term.
This may mean very early repayments will attract a larger fee, repayments in the last 12 months will be much smaller.
Why is this important?
Banks are keen to make money in hidden ways that are unavoidable. These excessive charges impact families and people who maybe have no other choice but to repay a mortgage.