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remortgage with RBS. From 5 yr fixed to 2 yr fixed.

costaerer
costaerer Posts: 648 Forumite
in Mortgages & endowments
im currently 2.5 yrs into a 5 yr fixed rate mortgage with rbs. i want to remortgage to a 2 yr fixed rate with them as it will halve my monthly repayments.

does any one no how much it will cost to 'get out' of the 5 yr fixed rate deal?

Comments

  • costaerer
    costaerer Posts: 648 Forumite
    just wondering if there is a standard price? like £2000 or £3000 for example...
  • originalmiscellany
    originalmiscellany Posts: 1,655 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    to your bank - so you'll be best off to check what it says in the small print of the mortgage you signed.
    At a guess it'll be a couple of K, or a few percent, probably which ever is higher!
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    costaerer wrote: »
    im currently 2.5 yrs into a 5 yr fixed rate mortgage with rbs. i want to remortgage to a 2 yr fixed rate with them as it will halve my monthly repayments.

    does any one no how much it will cost to 'get out' of the 5 yr fixed rate deal?

    Your mortgage KFI and offer will detail this.
    Contact your lender for a specific figure.

    It may 'halve your payments' but also make sure you take into account all fees and check it makes sense over the term.
  • costaerer
    costaerer Posts: 648 Forumite
    ok thanks. will call them
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    costaerer wrote: »
    im currently 2.5 yrs into a 5 yr fixed rate mortgage with rbs. i want to remortgage to a 2 yr fixed rate with them as it will halve my monthly repayments.

    does any one no how much it will cost to 'get out' of the 5 yr fixed rate deal?

    Ask them if you can do this before even worrying about any costs.

    I think think the answer will be NO.

    Then ask for the penalty so you can look at other lenders.

    Then consider the costs.
  • whysitallsocomplicated
    whysitallsocomplicated Posts: 48 Forumite
    Hi
    You will need to check with them to be sure but in my case the ERC is 2%. I am "porting" my RBS mortgage to a new house but rather than stay on the existing fix its cheaper to go onto their new rate which they are happy to do and add the ERC to the new mortgage. this may only apply tough as we are moving rather than remortgageing
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