Early Repayment fee - Worth paying/calculator?

Keith

Hi,

We're in a 5 year 90% mortgage, however, looking at Rightmove prices nearby and sold prices, our house value has moved dramatically in under 2 years.

I'm thinking of taking advantage by remortgaging but we have an Early Repayment Fee. My head tells me it is worth paying to get out of my deal but are there any calculators available which will prove it to me?

Many thanks
Keith

getmore4less

Any simple calculator will do the job just put the numbers in for the cuurent and proposed new mortgage.

Add the fees to the mortgage make the payments the same on both and see what the payback period is.

wishus

hi. On this site, here's the "is it worth it?" tool:
http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings#tool1

And then this is the mortgage repayment calculator, with an overpayment calculator as well.
http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator