Is it worth me doing this?

rigsby1967

My fixed rate morgage finishes in another 2 1/2 years time. The interest rate is 6.24.

Would it be worth me paying to get out of the fixed rate and going for what ever the rate is now? Also how much is it to get out of a fixed rate morgage before the end of time?

Thanks
rigs

VIGILANT22

Several points to consider....re' the cost this will be stated in your mortgage papers (offer/kfi)..as every lender is different...also you need to consider the valuation of your property against the amount borrowed....you need all this info before doing any calculations...

redpete

Any exit fee will depend entirely on the lender and what your agreement with them was when you took out the mortgage.

The interest rate and other terms you can get to replace it will depend on the value of the property, the size of the loan you want, the term of the loan you want, your income, your credit rating...

No-one can advise on the information you've provided.

Wutang_2

You can work it out at home - easy. ERC + new rate savings in 30 months vs current rate.

getmore4less

To work this out which is best is you will need to do a like for like

Total cost to redeem and set up a new mortgage including all fees

Same payment for the 2.5 years n the new rate on the new total at the new rate

See how much is left on each.