Getting Out of a Mortgage Early

Taylorm

Hi,

I am currently on a 3 year fixed Mortgage which I took out in September 2009 (so have 1 year to go). It is with Nationwide.


As I was a first time buyer and had a small deposit I am on a very high rate of 6.25%. All I hear about now is how mortgage payments are the lowest they have ever been and how there are so many cheap mortgage deals at the moment.

How do I get a piece of this action? Am I stuck until September 2012 or is there something I can do to get out early (even if I have to pay a small fee)??

Any help/advice/guideance would be greatly appreciated as my monthly payments are killing me!!

Many thanks!

BoGoF

Check your mortgage papers and see what your ERC is, it's unlikely to be a 'small fee'

Taylorm

Is that the only way to get out if I pay the ERC?

BoGoF

Yes. There's no guarantee switching will get you a better rate anyhow, you said you had a small deposit so I am guessing your LTV is high which will rule you out of the best deals.

You may be best sitting tight and waiting till next September when you will revert to your lenders SVR.