Yes I see what you mean, it makes more sense stay put. Thank you, you've been really helpful.

if you move home then you can port/ transfer the rate without penalty. if you transfer just some of the monies then you would pay a penalty on the element that you have paid back. why do you want a no redemption penalty this time around...historically you pay a premium on the rate for this feature. your present lender should also offer you an option for extending the deal........ie first account stays at 5.99 fixed until..... and then the second account on new terms. if possible then have the second account on a non penalty terms so that you can review the entire mortgage account on the end date of the original fix !

Hi

Thanks for replying. I suppose the bottom line is that with the likelihood of us having to move before our fixed rate ends and having to pay the redemption payment at that time anyway, is it wiser move to jump ship to a low rate no redemption mortgage in the interim.

Even with our savings it looks (based on current house prices) that we would need to extend our mortgage when we move.

Hi. You need to focus on what you are trying to achieve....is it just to get out of the Fixed to buy into another fixed because you feel you are paying too much...is it that you want to switch to a Tracker as they appear cheaper in the short term etc?? £ for £ you would have to get some deal to claw back the lost £4800. At the time of porting could you not just borrow less and pay the penalty on the difference??

Hello

We are currently on a fixed rate mortgage of 5.99% for the next 22 months. The early repayment charge for this is £4800.

We came into a inheritance of £60000 in August. Our existing mortgage allowed us to pay 10% off in one lump sum each year, so it currently stands at £145000. We have £45000 in savings. Our dilemma is whether to now switch mortgages; we will have a third child in February and may have to consider moving house soon anyway- although our current mortgage is portable any additional borrowing required is not guaranteed and at they can not provide rates until negotiation.

I have seen offset mortgages with tracker rates of 2.89% and no early redemption charges should we need to move but I need help to decide whether this would be the best option in our circumstances. Any help or information would be much appreciated. Many thanks.