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29-01-2009, 11:35 PM
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Ending current deal early
Hi not been that great with maths could use some advice on benifits on my current mortgage deal.
Ok I'm into the sixteenth month of my current 2 year fixed rate deal with rbs. rate 6.25% at £742/ month, interset payed daily with 10% overpayment option. called rbs for new deal quote the best I got was 3.75% with a fee of £499. 2 year fixed rate. from next month. happy with that though a early repayment fee of £859. I would pay the product fee £499 up front though I would have to add the £859 to mortgage. This new deal would save me around £120/month for the 2 years. Should I take advantage of this low rate now, or wait until my current deal ends and I will have no early repayment fee to pay.  thanks for any advice you can offer. 
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01-02-2009, 12:30 PM
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Certainly worth shopping around to see if you can gt a better deal - but coming down from 6.25% to 3.75% is certainly an improvement!
It can take a couple of months for a remortgage to go through, so you may as well start around 2-3 months before expiration.
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