Remortgaging during fixed term

ecdub

Hello,

I am 18 months into a 5 year fixed term with Chelsea. Due to price rises in London, it is possible, that the value of my property has gone up in that time, which would shift the LTV I would take. I can not find anything on Chelsea's website to suggest I would be able to switch to a new product (Lower LTV therefore lower interest rate).

Can anyone tell me whether this could / should be possible, or would it be totally subject to ERC?

Any help appreciated!

dimbo61

I doubt if any Lender will let you away with out paying the ERC on a fixed rate deal before the end of the term be it 2/3/5 or 10 years so you will have to pay 3/5% exit fee.
Read the ERC charges on your mortgage offer.
It might still be worth changing lenders if you can get the right deal.
Use " whatsthecost" to work out the figures but remember ALL the costs.

ecdub

Do you know if the remortgage is with the existing lender, they would tag the ERC on to the cost of the mortgage like they do with product fees?