Early repayment charge - Other factors to consider?

e4rly

Good Morning all

I have a question regarding moving my mortgage before the fixed term is up. I am exploring my options as my LTV has decreased by a noticeable amount since I took the mortgage out two years ago and my interest rate is quite high compared to current market rates.

I have crunched the numbers, included the early repayment charge and consulted a broker to see what rate I could potentially get. Overall, over the remaining term it does not make economic sense, as the repayment charge is marginally higher than the interest saving.

However, I am also conscious that I can lock into a better rate for longer, capping the risk of increased rates when I would otherwise have remortgaged (i.e. If I continue with my current product).

My question is, should I consider any other factors? This was my first mortgage, so I'm conscious that there are likely many things I'm just not aware of, so any advice is appreciated.