Partial Re-Mortgage time

1983MJS

Hello All

Frequent reader - first time poster here! Have taken many a tip from this site and now joining up

I have a question which I figure people on here may have encountered before.

We live in a semi detached purchased about 3 1/2 years ago for £250k (new build), prices have seen this raise to somewhere between £330k and £350k depending where you look.

We have 2 mortgages on the property (1 mortgage ported from our first flat and 1 top up to fund this purchase). Details below. They are both fixed rates but with different end dates and 1 now up for remortgage but I want to avoid SVR for obvious reasons of it being higher than current payment. My question is - should I consider penalty fees on the tied in mortgage to move somewhere else or live it out for the remaining term and move both when penalty free. My maths tells me it is a pretty close call either way but curious as to opinions.

Mortgage 1 = £102,675 / Fixed at 1.89% to 31 Oct 17. Payment 359.95. (think penalty is 2% in final year)
Mortgage 2 = £108,708.49 / Fixed at 3.04% to 31 Jan 17 Payment 446.53 (no penalty)

Total payment is around £810, including some small fees on the account from the original mortgage when a fee product was better than a non fee product.

Best Halifax (my provider) have on the Mortgage 2 element is 2 year fix at 2.59% as they estimate LTV at 61.57% currently. I don't have in spare cash, what I estimate to be around £4k to bring the LTV under 60%.

Basic question is based on the fact I see some 1.5-2.0% deals out there.

Any advice / extra calculations I should do - much appreciated!

Thanks