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Ditch your fix?

Sometimes mortgage rates drop so much that it can be worth paying to get out of your current mortgage deal to switch to a new one at a lower rate. This calculator tells you what rate you’d need to get to make it worth it, factoring in early repayment charges and other fees (we assume your current rate doesn’t change).

How long until the charge ends?

Only ditch your fix if you can get a mortgage with a rate less than...

(Based on a £{{resultsData.totals.amount | currency : "" :0}} mortgage, currently at {{ resultsData.totals.interest_rate }}%, with a £{{resultsData.totals.erc | currency : "" :0}} early repayment charge)

If there's an arrangement fee, as mostly happens, the rate would need to be lower.

To save, you'd need a rate of...

Arrangement Fee To Save, You'd need A Rate Of...
£500 {{band500}}% or lower
£1,000 {{band1000}}% or lower
£1,500 {{band1500}}% or lower

Warning! This is a rough calculation

Always do the full sums (a mortgage broker can help). Plus if the new deal charges an 'arrangement fee', you'll need to find an even cheaper mortgage to make ditching your fixed rate worth it.

What does a negative interest rate mean?

Assuming the figures you've put in are correct, you'd need a negative interest rate so it's unlikely you can save. However this is only a ready reckoner; if you want detailed numbers done, then seek help from a professional e.g. a mortgage broker.

IMPORTANT! Please read...

This information is computer-generated and relies on certain assumptions. It has only been designed to give a useful general indication of costs.

It's important you always get a specific quote from the lender and double-check the price yourself before acting on the information. We cannot accept responsibility for any errors (please report faults above).