Switching with a small mortgage

Domn879 · 11 January 2020 at 10:24AM

Hi,

I’ve just been passed over the heliodor mortgages from Northern Rock. We’ve never switched mortgage before and have been on the standard rate for far too long. I realise I should have done something about this long ago.

We’ve been overpaying for a few years and have about 48 months left at this point. The end is on site and I’m considering making a case to my partner to clear it in 36 months, costing us probably about £300 extra between us.

I’ve done a little research but I still can’t figure out whether it’s worth it with a relatively small term left. If I switch and get the 1.29 nationwide et al are offering for a couple of years, am I going to save significant amount of money? Whether paying extra or just sticking with my 1k a month payment. Exit fees seem to be only £250 and £490 set up free for new mortgage.