Is my calculation correct?

malli79

Hi
I am thinking of ditching my fix and would appreciate some help with my calculations as to whether it is worth it or not.
Details are:
Mortgage balance £117,000
12 months remaining on my fix (or will be when I switch)
Current interest rate 3.69%
ERC c£1600 plus redemption fee which I'm guessing is £300
Can switch to rate of 0.98% with a £699 fee
Current payment £814 new payment £591
So cash paid over the 12 months is around £100 less on the new deal but when I factor in the capital repaid I think overall I will be c£500 better off. D
The complication is that I overpay and would continue to on the new rate, so with all details as above I would make monthly payments of £1015 in both cases. I think this would make me c£2900 better off. Am I correct?
Many thanks for any help

getmore4less

overpayments reduce the savings on a ditch the fix.

in 12months
£117,000 @ 3.69% £1015pm £109,003
add al lthe fees £1600+£300+£699=2599
£119599 @ 0.98% £1015pm £108,548

£455 better off.

break even is the total fees when added of less than £3056

malli79

Thanks. Think I'll wait until my fix expires and see what retention deals I am offered.