Remortgaging: when to pay early repayment charge

marietje

Hello all,

I'm remortgaging before the end of my fixed rate and will incur a 1% early repayment charge. I would like to pay this directly myself rather than adding to it to the mortgage. I want to avoid adding it to the mortgage if at all possible.

My current lender is Platform/Cooperative and the adviser I spoke to focused almost entirely on stressing that I couldn't avoid the ERC -
which is absolutely fine - that I couldn't really ask what I wanted to ask. I have no problem with paying it at all, which is why I wanted to see what people here think before calling them again.

Many thanks!

getmore4less

It makes no difference if you pay it up front or add it to the mortgage(which starts off lower).