Early remortgage advice please

working_classy

After some re-mortgage advice if possible, please. I trying to see if I will be better off getting a new 5yr deal early and paying the clause as I’m worried interest rates could be much higher than they are now come the end of my current deal.

 

Figures:

House value £450,000, by end of current mortgage deal there will be £220,000 outstanding.

I have some savings, was going to pay an extra £20,000 off come re-mortgage time.

16 months remaining on current mortgage, fixed rate of 1.92%, repayments of £940ish pcm. 

Early buy out clause £4,200.

Have looked on Martin Lewis mortgage tool today and new 5yr deal with Newbury building society of 1.69% for 5yrs @ £818pcm for the remaining £200,000.

 

Can anyone give me their opinions on what I should do please? Sit tight or jump early?

Edi81

I think that is a discounted rate from a look on their website. It’s not fixed if that’s what you are looking for.