Early repayment charges
Sometimes it can work out worthwhile to remortgage, even if you have an Early Repayment Charge (ERC) to pay on your current deal. By switching to a new mortgage deal, you may be able to reduce your monthly payments enough to justify paying the ERC. This calculator will work out the interest rate you would need to be paying in order to make remortgaging worthwhile.
In order to save your penalty, you need to achieve between:
% (if the lender pays your fees*) and % (if you have to pay the fees*)
*such as valuation, legal and application fees.
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