Current Mortgage... What would you do?

DP3

Where to begin...



May 2015 I got my first Mortgage with Natwest, FTB 5yr Fixed at 4.35% and me as a Single Applicant.



I currently have 1 Year 6 Months left of my 5yr fixed term, my ERC to leave now would be circa £1700 or if i wait 6 months it drops to circa £800.


Due to the housing market My LTV has decreased significantly to around 59% if i get my house valued at £150k which I am quite confident it will due to the recent area sales.



I am thinking of leaving my 5yr fixed term in 6 months so my ERC drops to 1% and moving to a 10yr fixed rate of around 2.49% and reducing my overall term to 15 Years, down from the original 30.


Would you do the same? Do you think this is the right thing to do?


Thanks in advance,

Farmerbob

What’s the mortgage balance?

DP3

Currently 87k

Thrugelmir

If you can afford to do so overpay now.


The benefits of remortgaging in six months time might be marginal.

In rough numbers:

Interest saving £1,500

ERC £800

Mortgage exit fee, valuation fee, legal fees, ???. Though likely to be more than £700.

The numbers need to be crunched fully in detail. Likewise monitoring the deals in the marketplace. Anything could happen in the coming months. A smooth Brexit could see a sudden rise.