Remortgage Early

jackr5

Hi all, after some advice/opinions -

I am just 2 years into a 5 year fixed with the Bank of Ireland (via the Post Office) at 3.75%
My mortgage was just over £180,000 and at the time this was the best deal we could find with repayments at £850/m. Two years ago we were advised that the rates would be going up so 5 years would be a good call, but now it's clear this did not happen as expected.

Having a look around I see that rates have dropped a fair amount, with similar deals for around 2.4% and of course even lower with shorter fixed terms.

I know that I need to take ERC, exit fees, arrangement and setup fees into the equation but at first glance it looks like would still be beneficial for me to switch as it would lower my monthly repayments by over £100 or I could even knock 5 years off the term for slightly lower payments then I have now. The value of my house may have increased in the last two years too (by looking at the local housing market and sold prices in the area) so that could also help. I would also consider choosing at shorter fixed term given this situation has arisen now.

I think I will set up a meeting with a broker to discuss my options, but I was wonder if many people here had done anything similar?

- Is it a long process to remortgage?
- Apart from the fees, would remortgaging early affect me in the long run? (credit etc)
- Would the new lender handle the settlement with the old one? Or is this all done through the solicitor?

Thanks for any help