Should I stay or should I go?

smej

I bought my first house 2 years ago and entered into a 5yr fixed rate at 4.89%. Affordability isn't a problem at the moment but I keep asking myself if I have done the right thing in taking such a long deal. I also appreciate that mortgage rates will rise in the coming 2-3-4 years but I personally don't feel they will rise that much above my current rate - which effectively leaves me in the same situation at the end of the 5yrs as if I just continued paying as I am. My question is do you think remortgaging and taking a hit on the early repayment charge and then taking a 2 year deal at 2.09% plus arrangement fees is worth it. I'd make over payments each month to the same amount I'm paying at the moment.

I appreciate this isn't a financial advise site - but can anyone do the number crunching for me to work out if it would be worth it?

Thanks

rockabelle

What is the early repayment charge? How big is the mortgage, and what are the expected arrangement fees?

smej

I probably should have goodle'd it first as I found a calculator that worked it all out for me. Due to my high ERC its not going to be worth it so I'll just have to live with it for another 3 years and make sure I do more research next time. Thanks anyway folks.