Early repayment charge

Kaggie

Hi, we have just come to the end of a fixed rate deal but are tied into our mortgage until September 2010, if we wish to take out another fixed rate we will have to pay £2000 early repayment charge plus the booking fee for the new mortgage. Does anyone have any thoughts about the variable rate remaining good? We would prefer to know exactly what we are paying each month but £2000 is alot of money!
Thanks

opinions4u

£2,000 is a lot of money, but readers would be able to give you a better answer if you told us how much you owe (£2k on £300k is nothing, £2k on £25k is significant).

How much do you owe?

How much is your house worth?

What is your lender's current variable rate?

Who is your lender?

Kaggie

We owe £90,000,
our house is worth £170,000,
our lender is Abbey & their rate is 4.24%

_Andy_

You state you will have to pay £2000 but it doesn't sound like you're looked at any other lenders - any reason for this?

Kaggie

No reason, have only just started to look for a new deal & was wondering whether to stay with Abbey

_Andy_

Ah OK - well given your LTV it's definetely worth shopping around.