Can someone check these figures and tell me what you'd do please?

[NeilTheBaby]

Mortgage is currently in 2 parts. (Figures all rounded for ease)

Part 1: 115,000
Early repayment charge: 2,000
Rate: 3.04
Ends: 31.12.20

Part 2: 25,000
Early repayment charge: 200
Rate: 1.99
Ends: 31.5.20

Current svr:4.99

I need to obviously change them now or working the next 12 months and want an extra 30k too for a half garage conversion.

House worth 300k so 170k would be total mortgage.

A quick look has shown me I can put that on a 5 year fixed now for 1.46%

I'd add 2 years to it and my payments would actually be £20 a month less than present plus I'd know it was all done and sorted for a while. Buuut obviously I'd have 2k of early repayment charges to make for that.

Or I wait until the end of the year when I won't have any early repayment charges but got 7 months part 2 will go on svr which will cost an extra £37 a month and what if the current deals aren't around then etc?

So I think if I sort it out now by the end of the year I'd be 1.8k down, sort it out in a year and I'd be £250 down (but obviously rates and things could change)

Would you pay 1.5k to sort now and be done with it or wait?
Also means putting on hold actually sorting the house which I want to get on with!

You haven’t said how long the term is, but assuming it is 25 years, if you switched now, your reduced interest would save you about £2k, cancelling out the ERC. So if I was in your position I would do it because of the high rate you are on now.

BUT, that new rate you have quoted will likely come with mortgage fees, and that where you lose out. You will not get a 5 year fix at that rate without without paying substantial product fees. The only way to get the both of best worlds (low rate and no fees) is to go for a 2 year fix. If you are not comfortable with fixing for 2 years, then I would wait until December.

Thanks for the advice. 23 years left currently but I'd bump it to 25 when we switch.
Fees of £999 with the switch or I've actually just calculated if I go for the no fee option the rate difference would balance out exactly the same over 5 years.

I could do 2 years but am thinking 5 would mean I don't need to worry about it for ages and obviously thinking rates could go up at some point.