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Advice on remortgaging....

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kibbler Posts: 1 Newbie

10 January 2017 at 1:56PM in Mortgage-free wannabe

Hi there, we just want some advice on whether we should come out of our 5 yr fixed....

We are 2yrs 3months into a 5 yr fixed @ 3.65% with Nationwide. Been doing the full 10% overpayments each year and LTV is now around 44%. We can pay more per month and have money to overpay another lump sum too (aswell as doing home improvements) but have used the 10% overpayment and cant overpay until Nov 2017.
House Value is around £140,000 and we need to borrow about £61,000.
We really want to get a better rate right now but we have worked out that after paying the ERC (around £2400) and getting the best 3 year fixed around 1.94% with no fee it just about breaks even, and doesnt seem worth it. Are we about right or are we missing something? Any advice appreciated, thanks Dean

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