Would Santander move me to a cheaper fixed rate?

Newnoel

I am one year into a five year fixed rate of 1.44% with Santander, which comes with a hefty ERC.
I see Santander now have a 5 year fixed rate of 1.19%.
The 0.25% difference is worth almost £150 pcm to me. Is there any point in me trying to persuade Santander to move me onto the new product? 

getmore4less

What fee does that rate have?
Doubt they will let you off the ERC

Orchid12

Highly doubt it, but you can usually remortgage 4 months before the end of your fixed rate. I think you would need to pay the ERC to move onto the new rate. 

Thrugelmir

Newnoel said:

Is there any point in me trying to persuade Santander to move me onto the new product? 

You can pay the contractual ERC. Have a read of the product documentation and understand what you agreed to. 

Edi81

If rates had moved in your favour would you be offering to pay Santander more?

GeordieGeorge

Newnoel said:

I am one year into a five year fixed rate of 1.44% with Santander, which comes with a hefty ERC.
I see Santander now have a 5 year fixed rate of 1.19%.
The 0.25% difference is worth almost £150 pcm to me. Is there any point in me trying to persuade Santander to move me onto the new product? 

A £720,000 mortgage? That’s quite big.

Anyway, yes, you are able to move, you just need to apply and pay the ERC and any application fee.