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Make Early Repayment Charges (ERC) in Mortgages Illegal: Protect Consumer Rights

Submitted on Thursday 8th June 2023

Rejected on Monday 19th June 2023

Current status: Rejected

Rejection code: irrelevant (see below for details)

Petition Action

Make Early Repayment Charges (ERC) in Mortgages Illegal: Protect Consumer Rights

Petition Details

This petition seeks to ban early repayment charges in mortgages. As it hinders financial freedom and make it difficult to switch lenders.

ERC, imposed by banks on borrowers who pay off mortgages early, restrict financial flexibility. Government intervention is needed to protect consumers.

Additional Information

Government or parliament should pass legislation making it illegal for banks to impose early repayment charges in mortgage contracts, empowering borrowers.

Benefits of the Proposed Solution
Banning early repayment charges promotes financial freedom, encourages competition among lenders, safeguards consumers, and stimulates economic growth.

Make early repayment charges illegal in mortgages to protect consumers, promote fairness, and enhance financial flexibility.


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This petition was rejected

The Government e-Petitions Team gave the following reason:

We can only accept petitions about things the Government or Parliament are directly responsible for.

Decisions about whether to have early repayment charges are a matter for individual mortgage providers, not the UK Government or Parliament.

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