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Is it worth paying an early repayment charge for a better rate?
superhez
Posts: 2,261 Forumite
We took our mortgage 2 years ago and took a fixed rate of 5 years at 6.1% as we had no idea rates would drop as they have.
Just wondered as rates are so much lowwer now is it ever worthwhile switching in the middle of a deal, we have an early repayment charge of £2,119 on our £ 70,44 mortgage, any help gratefully received
Just wondered as rates are so much lowwer now is it ever worthwhile switching in the middle of a deal, we have an early repayment charge of £2,119 on our £ 70,44 mortgage, any help gratefully received
June Wins - Antandec travel mug
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MSE Martin has a Ditch My Fix Calculator on this page here. Put your numbers in and see what you can get. It might be useful to know the value of your property so you can see what Loan To Value band you are in. You may find that you would have to pay a higher rate than you are to get a five year fix. Lenders are now super strict when it comes to your credit record. Check that you have no credit reference problems and avoid making them at all cost.
J_B.0
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