Interest is calculated monthly and there is an maximum 80% loan-to-value. A £395 arrangement fee can be added to the loan.
As far as redemption penalties are concerned, within the first ten years up to 10% of the capital balance at the start of each year can be repaid without penalty during each calendar year. For all other amounts repaid within the first ten years there is an early repayment charge on the amount repaid. Until the sixth anniversary of the start of the mortgage this charge will be 5.00% of the amount repaid. After this date and until the tenth anniversary of the start of the mortgage, this charge will be reduced by 1.00% per calendar year. The early repayment charge will not apply if you move house and keep your mortgage with the Manchester (assuming the amount is at least equal to the balance outstanding).