Should I sit tight on current mortgage or jump early?

working_classy

After some re-mortgage advice if possible, please. I'm 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 next year.

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.

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

Early buy out clause £3,900.

Have looked on Martin Lewis mortgage tool today and new 5yr deal with The Cumberland of 2.11% for 5yrs @ £1024pcm for the remaining £200,000.

Should I sit tight or jump early?

Thrugelmir

Have you factored in all the costs associated with remortgaging? 

How would you fund the ERC? 

getmore4less

lender and ERC rate?

does the erc drop in a few months?

Any fees?

full term left

the numbers don't seem to add up

if it is going to be £220k at the end of the deal in 15months  what's it now if you jump ship.

if £200k at 2.11% is £1,024pm that's 20years full term

to get to £220k in 15months at 1.92% that's £232k now

to have a payment of £940  that's more like a 26y term 

knocking £16k(20-4) off with that rate increase the payment should go down not up

Moustache99

Also, have you factored in actually getting that 1.92% rate? When I looked a week or so ago, you couldn’t get a phone appointment with Cumberland for weeks. Likely scenario, you’re looking at around 2.24%+ now, with the lowest lenders on a five year deal.