Should I pay ERC of £10500?

Orchid12

I have a similar sized mortgage and I have fixed a rate of 3.4% on offer till March with a 15k repayment charge. I’m deffo going to be paying it! Works out way cheaper over the new fixed term vs what I would get now. 

Orchid96

PK_London said:

Orchid96 said:

Just coming back to this old thread to inform that we have completed the remortgage to Barclays (10 year fixed at 3%). We paid a huge amount as ERC (£10300), but we thought we may not get similar rate in next few years.

Many thanks to everyone who gave their feedback during the discussion period. 

Great result. In real terms you're still paying negative 7% right now. I hope this pays off for you

Thank you, I didn't get that "negative 7%", will you please explain?