in midst of 2 year fixed rate. should i switch?

max_h

i have a 130k mortgage and just before the current crisis really took hold signed up for a 2 year fixed rate of 5.78% (seemed like good advice at the time). i'm wondering if should should bail on this deal and move to a new mortgage. the penalty for early change is £1990.

any suggestions?

many thanks
max

dimbo61

Have you got £2,000 sitting in the bank spare ?
What deals can you get with your current LTV on your property ?
What fees would you be looking at for a new deal with another lender and other costs!
Overpay if you can and hope rates stay low for the next year or two then see how the market and your LTV is then GOOD LUCK

beecher

5.78% isn't that bad, historically. You need to work out what deals you could get, work out the savings and see if you can save £2000 over the remaining term. I doubt if the sums will add up - as dimbo says, best to overpay that £2000 instead.