Any applicable ERCs will be detailed on a customer's mortgage offer and ESIS.
A customer is entitled to repay up to 10% of their mortgage loan without incurring any ERC’s each calendar year.
For customers who are porting their mortgage (see Porting section), no ERCs will be charged, providing there is a simultaneous redemption and completion of the new loan. Where this does not occur, ERCs will be charged and the customer has up to 90 days to effect the Port. Where this occurs, ERCs will be refunded.
For customers transferring to a new mortgage (commonly referring to a Product Transfer), this will occur, the day following the expiry of the current mortgage product, therefore no ERCs will be payable.