Mortgage fix query

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I know that no-one can really know for sure, but we are in a fixed deal until April 2023, with interest rates going up, is there a way to work out if we would be better renewing now and taking the hit of early repayment charges or waiting it out? Panicked that they might rise by a significant amount in another 12 months.

You can't work it out without knowing what the mortgage rates will be by April 2023 and nobody knows that. How much will your early repayment charge be?

There’s no way to be 100% certain because you can’t know what deals will be on offer in April 2023.

But you can use a mortgage calculator:

• entered the details for the best current fixed deal than you can find, not forgetting product fee and calculate what you’ll pay over the period. Remember if you’re adding that to the balance, you’ll pay interest on it. Add on the cost of the ERC.

• then work out what you’d have paid on current deal for a year, and simulate the next x years fixed on various rates. Don’t forget product fee again!

You’ll be able to say - if I jump now, I win if rates go above y%.

This would be a good reason to speak to a broker though!