HELP - ERP applies - is is worth remortgaging

Lucylou10

Wondered if anyone could help with this. I am thinking of remortgaging my home to save money, however i am tied in with my current lender on various fixed rate products. The early repayment charge is £1200. I have 3 sub accounts and this is the total for all accounts. (the 3 sub accounts all end at different times, the earliest in 2011). There are better deals out there which would help me save on my monthly repayments - i am currently paying £488 per month, but i could reduce this with other lenders to £470 with a 2 year fixed rate product over the same remaining term of 18 years. However as i have the early repayment charge and also would have to pay a product fee of £800 for the new mortgage (which i would have to add onto the new loan) is it worth it?
thanks!

Joe_Bloggs

I dont think it is worth spending 1200 + 800 = £2000 to save 24 x 18 = £432 over the two year period. There may even be another fee after the two years to secure another remortgage.
J_B.

opinions4u

is it worth it?

How do expect anybody to answer that question from the information provided?

How much do you owe?
What's your house worth?
Break down the rates, products, terms of products and amounts on each product.

Is there a specific new product you have in mind? What rate? Fixed or tracker? Fees and ERCs?