No Redemption Charge
'No redemption' means that the mortgage schemes will allow you to repay the loan in full at any time without applying an Early Redemption Charge.
Most mortgage schemes, in return for offering you a lower initial rate, will require you to stay with that scheme at least for the period of the Discount, Fix or Cap, and often longer. If you wish to repay the loan in this time, or you remortgage with another lender, you will have to pay an Early Redemption Charge which can cost £thousands (6 months interest is common) depending on the lender and scheme.
With 'No Redemption' mortgages you will not have to pay this redemption fee (although there may still be other costs such as sealing fees and legal fees.)
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