Has anyone paid a massive ERC to secure a fix rate as they continue to climb?

IAMIAM

I have 165k on 1.44% until July 2023 and keep seeing rates increase, my cheapest is now 3.29% if I fixed right now and by the time I can fix a rate in January, I guarantee that rate will be 3.75%/4% minimum. That's at 60-75% LTV. I have a 2% ERC fee to pay if change mortgage now.....

I am just put off by paying £3200 ERC for a rate of circa 3.5% and another £999 fee for securing the rate....but with the BOE increasing by 0.5% again, god knows what BOE will be at Christmas. 1.75% heading towards 3%!!

ACG

I paid £2,200 last month, but I secured my rate back in March (2.2%).

Its just a gamble really, your paying £3,200 in the hope of saving more than that based on what will be available in Feb time (as you can secure a new rate then). 

If the rate is 0.5% a month more, how much extra will that cost you? Multiply that over 60 months (assuming a 5 year fix) and you can see if it is worth it. Then do the same on rates being 1% higher. Chances are it will be somewhere around those figures, you can then decide if its worth paying £3k in order to potentially save £x. 

IAMIAM

To be honest, I have also used the MSE calculators comparing. The difference over a 2 year fix and a 5 year fix is approx £4k more over the period, which is equivalent of the fees I would pay, and the extra interest payments, in effect its not worth it as I am paying double versus just riding it out (ERC+Fee+Higher Rate). I have answered my own question!