Time to remortgage?

daf1999

We've been with Bluestone (due to previous credit issue) for a year (on a 2year fix) at an eye watering 6.2%.

The annual statement has come and the redemption figure for today is nearly £4k. 

Credit issue now sorted and rating should be ok, is it worth remortgaging now or waiting until the end of the 2yr fix? I think we'd save over 4k in the reduced payment a reasonable mortgage rate would be over a year, that's the calculation we need to consider isn't it?

TIA

Thrugelmir

Do you intend to borrow the redemption fee? 

daf1999

Yeah we would have to at the moment. It takes us back up to the original mortgage amount, meaning we've paid a year of mortgage for nothing but it will free up a fair bit of money each month too.