Remortgaging, calculation help

webmasterpolo

Fixed rate ends soon 30th Nov, l've left this a bit late but l am now frantically trying to find the best deal.

I am with C+G and their SVR = 6.75%
Mortgage is £36K
There are no redemption payments after the 30th.
Cost to move to another C+G product = £199
Cost to leave C+G = £180

C+G offers:
Tracker 0.89% above BBR until 31/12/08 (no tie ins)

My Situation:

>Planning to move home within 12 months.
>Don't want any tie ins at all.
>Want cheapest offer over next 12 months with no tie ins, including fees.

I have found other offers like Britannia lifetime tracker at 0.4% above BBR, but the total cost of moving is £730 in fees.

Is there a simple formula l can use to work out how much each mortgage will cost me so l know if moving to them is worth it with the different fees?

Thanks for any assistance.

payless

so it costs £711 more to leave on ther deals mentioned
thats nearly 2% of the loan , so if moving within 12m the new rate would have to be better by 2% than what C&G offer

Sure you should be able to find remtg rates similiar to the one mentioned , which would incur less fees and still have no ties, although if moving soon the benefits are limited.

Reaper

Here is a web site which will work out the figures for you. If it is an endowment mortgage select the "Interest only" option.

Enter the figures for all the competing offers to see how much you can save on your repayments then manually compare that to the fees involved in switching. Make sure you include all the fees though, there are often sneaky extra ones like exit fees.

webmasterpolo

Thanks for your replies.

I went to the website and put in the deals and then did a quick spreadsheet to add in the fees over the 12 month period l plan to keep the mortgage.

Works out the C+G tracker is the best deal over the 12 months even including the £199 fee.

Thanks for your help.