What?
 
Also known as a sealing fee, a discharge fee, a redemption fee or a deeds fee.
 
This comes at the end of your mortgage and is to cover the administration costs associated with clearing your loan.
 

How much?
 
The exit fee will vary from £100 to £300 but on average lenders charge about £250.
 
Exit fees are included in most mortgages so make sure you check how much it is, particularly if you are opting for a short term deal or expect to clear your mortgage in the near future.
 
There has recently been criticism about the way exit fees have been ramped up and questions raised about why they are necessary. There now some deals that don’t include them.