There is an early redemption penalty of two per cent.
What does ERP stand for?
ERP stands for Early Redemption Penalty (mortgages)
This definition appears somewhat frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of ERP
We have 316 other meanings of ERP in our Acronym Attic
- Enjoyable, Relevant, Organized, Thematic
- Eastern Rim of the Valley
- Economische Raad Oost-Vlaanderen (Dutch: Economic Council of East Flanders; Belgium)
- Emerging Research Opportunities in Web Data Management (workshop)
- Europe and Rest of the World (market region)
- Explosive Remnants of War
- East Riding of Yorkshire
- Enlisted Recruiter of the Year (US Navy)
- Ear Reference Point (ITU-T)
- Early Receptor Potential
- Early Reduction Program
- Early Resource Planning
- Early Retirement Plan
- Early Retirement Programme (various locations)
- Earth Rotation Parameters
- Earthquake Response Plan
- École de Reconversion Professionnelle (French: School of Professional Retraining)
- Economic Recovery Plan (various locations)
- Economic Report of the President
- Ecosystem Research Program (various organizations)
Samples in periodicals archive:
You can pay off the loan early if your circumstances change but it may not be advisable to do so as you may be charged an early redemption penalty.
Of 61 providers listed as offering unsecured personal loans, 48 have some form of early redemption penalty attached to the loan - typically an interest penalty of one or two months.
There is a two-year early redemption penalty of six months' interest.
But, if you do decide to go, unlike conventional loans, many don't charge an early redemption penalty.
If the mortgage is redeemed the year after the fixed rate ends, the borrower would face an early redemption penalty of seven per cent of the loan.