The penaties payable are based on the balance of your mortgage outstanding at the time of redemption.
It would appear that you started with a mortgage of £111,500 (give or take) and if you were to redeem your mortgage at this point you would have had to pay a 5% penalty which would equate to £5,575.
Your lenders offers a discount on the penalty for every completed year that you remain wioth them under the contract and that discount reduces the penalty by 1% until in the final year of your 5 year fixed rate you would face a penalty of only 1% of the outstanding balance of the mortgage at the time.
The penalty that you pay is pro-rata on the balance of your mortgage at the time of redemption so if your balance was down to £100,000 in the first year then the maximum penalty you could face would be 5% of £100,000 = £5,000
If it was year 4 and 3 months and your mrtgage balance was £100,000 the you would only pay 1% penalty for redeeming the mortgage £100,000 x 1% = £1,000.
So to cut a long story and answer your question. You may be facing a penalty of £3344 right now but if you wait till 30/06/2012 then your penalty for redeeming would reduce from 3% to 2% of the outstanding balance of the mortgage and assuming you have made no overpayments or have no arrears then the maximum penalty for redemption would be 2% of the outstanding balance which should work out to £2229.