Remortgage?

Jnr_81

Morning all, I'm looking for some advice here on whether I should remortgage or not. I'm currently 4 years into a 15 year (this seemed like a good idea at the time) fixed rate mortgage with Northern Rock. It's a fixed repayment deal at 5.49% for the term. I currently have an outstanding balance of £63k from an original £78k mortgage and make overpayments every month and lump sum overpayments when I can. I have an ERC of £4000.

Thoughts any one?

What other costs need to be included when considering a remortgage?

CloudCuckooLand

Don't see much wrong with your current deal.

Legal costs, mortgage application/product fees, survey etc need to be factored in. What deal you may get will depend on your LTV.

If you shaved 1% off what you pay, you may for example (cannot work it out precisely without the remaining term) save £100 a month (less probably). It would take over 3 years to recoup the ERC and other costs. 2% may save £200, still 18 months before you start gaining.

By which time, if rates increased you'd then be looking to pay another set of fees to try and fix to protect yourself from the rises.

Except you might miss the opportune moment and end up without any sub-5% deals to sign up to...then you'd wish you had stayed with what is not an awful rate - it just looks a little high in comparison to historically low base rates. imo.