Best time to remortgage?

CGORST

I used to care for and live with my mum and when she died in 2008 I had to get a mortgage quickly in order to keep the house and pay my sisters their part of the estate. Because I am single and on a fairly low income, I went for a fixed mortgage at 6%. Obviously since then the mortgage rates have gone down significantly and I want to change to a lower rate. The fixed deal was for 10 years and I will have an early repayment charge of about £1000.

The mortgage is with Britannia, owned by the Co-op, which is now up for sale.

Is there any advantage for me staying put at the moment until I see whether somebody buys the Co-op? I don't want to move prematurely if it's more beneficial to wait and see what happens with the Co-op but on the other hand I don't want to wait so long that I miss the lowest fixed rates because I am still single and still on a fairly low income.

Any advice or opinions would be greatly appreciated!

foxy-stoat

Depends on how much the mortgage balance is.

CGORST

foxy-stoat wrote: »

Depends on how much the mortgage balance is.

The mortgage balance is around £40,000

strawberries1

The question is how soon will you recover the £1,000 early repayment fee you would've had to pay. Look at the rate you're likely to achieve, add up the monthly payments and deduct from your current monthly payments. Divide £1,000 by that amount to see how much longer you have.