Do I pay the ERC or wait until February?

N6xxy

Good morning,

I am sorry this has probably been asked over and over but here goes.

My fixed rate ends in April. I am told by Halifax that I can remortgage without ERC from February before would be 1% of the mortgage being £1,699. Do I pay this and get out early or look from next month and try to secure a 6 month offer please?

My mortgage has 15 years left at £169,995.

Thank you for any advice.

N6xxy

K_S

@N6xxy It's impossible to say what will work out best eventually as that will depend on what Halifax is offering you now (https://forums.moneysavingexpert.com/discussion/6393760/new-halifax-3-6-3yr-fixed-rate-worth-going-for) , what they will offer on 01 Feb, what is available in the whole of market that you can access now and what will be available in Feb.

Given that your fix ends 30 Apr, with a couple of mainstream lenders you can already secure a rate risk-free that will allow you to complete on 01 May and avoid the ERC. Once you get to the end of October, pretty much the whole of market will be available to you.

Once you have an offer in hand, you can compare it to what Halifax offers on 01 Feb and then make a decision on whether to go with the remortgage (new lender) or the product switch (staying with Halifax)

N6xxy said:

Good morning,

I am sorry this has probably been asked over and over but here goes.

My fixed rate ends in April. I am told by Halifax that I can remortgage without ERC from February before would be 1% of the mortgage being £1,699. Do I pay this and get out early or look from next month and try to secure a 6 month offer please?

My mortgage has 15 years left at £169,995.

Thank you for any advice.

N6xxy

N6xxy

Thank you very much i appreciate your input.