Is it worth paying early repayment charge for any of these new deals?

set

Hi

we have almost a year to go before our fixed deal ends.  I have been on our mortgage account and checked what is available to us at the moment.

1) Our current mortgage deal info.
2-4) All deals available to us at the time of posting.

With all the talk of interest rates that will keep raising, we are unsure what to do, stay put or switch. With all these products being offered and factoring in the early repayment charge I’m lost.  I’d really appreciate any advice.  I also understand that nobody can say what interest rates

tigsly

You have had lots of views with limited replies

I can't read your 'pictures'.. I'm guessing others are in the same boat.

set

Thank you tigsly I appreciate the feedback.  I have now edited my post and hopefully my photos are clearer. 🙂

johnny_c-l

This is a bit of an unanswerable question as it's dependent on looking into a cristal ball for future rates to compare against over 20 options! (As well current rates available outside of the existing lender.)

The way I would approach this is to consider my own opinion on what rates may do, my ability to pay higher rates and importantly understand the loss of 12 months at the existing rate & ERC vs how long it would take for this to payback at higher rates. Also personal circumstances such as likelihood of moving house/making overpayments etc to decide on a 2, 3, 5 year fix duration.

MSE have a 'ditch your fix' calculator which may help you compare options. https://www.moneysavingexpert.com/mortgages/fixed-mortgage-calculator/

TheAble

Another consideration is that in a year's time you may be under 60% LTV, assuming your property value does not go down.

set

Thanks for your replies guys.  I appreciate not knowing what the rates will be.  I did have just used the ditch your fix calc (thanks for the link) doesn’t seem like it’s a good idea to ditch.  I think I’m just getting a little caught up with all the increases in everything getting a little wound up.  

Thanks again. 😊