Remortgage Advice

lightspeed

Hi

I am after some info on regarding my current mortgage:

I currently have an IO mortgage for 124k @5.99% fixed for another 2 years and i was browsing the A&L's website at their rates for new customers and found them to be as low as 3.89% with no fee.

The question is can i approach the A&L and see if i could finish my current deal and start a new deal (if its a similar rate for existing customers)?

I am aware that there would be a 3% ERC but briefly looking at the figures i would be approx £200 better off per month and i could use £150 every month to pay back the ERC over the next 2 years and still be £50 better off per month if that makes sense. Obviously this only applies for the above deal with no fee's.

At a rough guess i reckon my property is worth 180-190k

Any help would be greatly appreciated.

Thanks in advance