Fixed @ 6.29% for 3 yrs should we ditch?

VLT

Hi we currently have a fixed rate of 6.29% with the abbey until Oct 2011 with early repayment charges of £2250 approx, should we look to come out of the deal and get a better rate for say the next 5 years instead?

regards VLT

_Andy_

How much do you owe on the mortgage and realistically how much is the home worth?

VLT

Mortgage is 71k, house was valued about 18 months ago at £135K

dimbo61

3% ERC will take a long time or very cheap deal to repay this charge
Most 5 year fixes are 4.39/4.5% so it would not pay you too pay the charge.
If you have £2250 spare then overpay the mortgage each month

VLT

Thanks for that, that was something i was considering also but I wasn't sure what would be the better option.