Tie in Period Explained
The tie in period refers to a period of time where you are tied in to the mortgage product.
If you decide that you want to break the tie in period then there will be a financial penalty that you incur in the form of an early repayment charge.
Typically the tie in period will extend a set amount above the period of time where anything like a discounted rate has ended. A tie in period might last say a period of three years.
And so if you break that period then you will have to pay the ERC, this will vary based on the product and lender.
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