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Remortgage before end of fixed rate?
manub
Posts: 139 Forumite
I took a mortgage for my first home a year ago, and as I had only 5% depoisit I had to go for a crap interest rate (5.19%). Now I managed to overpay enough to be close to have 90% LTV, and I was wondering if I could go on the market to check whether I could remortgage and get a better rate. My fixed rate ends in a year. Is it possible / recommended to do such a thing?
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Comments
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You can, but you'll end up paying Early repayment charges. However, depending on the rate you can get, it's sometimes worth paying the ERC's as it'll work out cheaper.
There's a calculator tool on this site that you can plug your information into and it'll tell you whether or not it's worth switching lenders to a lower rate of interest.0
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