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To pay ERC to get this deal?
pamelab21
Posts: 341 Forumite
Mortgage is due to come to an end on fixed rate of 1.94 with FD in July so right now we can look for a new deal with no ERC.
However when rates started to increase back in Aug we secured a no fee 3.39% fixed deal which is due to expire at the end of this month so we need to make a decision soon.
Outstanding is 84k, looking at 15 years but overpaying about 600 per month. ERC is 2300 if we exit for 3.39 deal now.
Hoping after 5 years to have about 20k outstanding and then maybe look for a 2 or 3 year fixed to clear all going well.
I know we would still save over 5 years on current deals available compared to 3.39 deal we can go to but concerned we will pay ERCs and fixed rates might come back down to that rate soon and we have paid ERC unnecessarily.
Can anyone offer some advise? crystal ball anyone 🤔
However when rates started to increase back in Aug we secured a no fee 3.39% fixed deal which is due to expire at the end of this month so we need to make a decision soon.
Outstanding is 84k, looking at 15 years but overpaying about 600 per month. ERC is 2300 if we exit for 3.39 deal now.
Hoping after 5 years to have about 20k outstanding and then maybe look for a 2 or 3 year fixed to clear all going well.
I know we would still save over 5 years on current deals available compared to 3.39 deal we can go to but concerned we will pay ERCs and fixed rates might come back down to that rate soon and we have paid ERC unnecessarily.
Can anyone offer some advise? crystal ball anyone 🤔
0
Comments
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I did see a Virgin mortgage at 4% fixed over 10 years.
Your overpaying big style so paying a £2300 fee would make me cry0
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