Ditch Your Fixed Rate Calculator
This calculator helps you decide whether to break your fixed rate mortgage early — comparing early repayment charges against interest savings from a better new deal.
Ditch Your Fix
Should you pay the Early Repayment Charge to leave your current fix early and switch to a better rate?
Enter your remaining fixed-rate mortgage balance, current rate, and the early repayment charge you would face for leaving. Then enter the rate available on a new deal. The calculator compares the total cost of staying on your current fix for the remaining term versus paying the ERC and switching to the new rate immediately. An ERC that looks large often proves worthwhile if the rate saving over the remaining term exceeds it — the calculation is not always intuitive. This is particularly relevant when fixed rates have risen significantly after your deal was taken out: even paying a substantial ERC to exit a historically low rate can make sense if your revert-to-SVR rate is substantially higher and a new competitive fix is available.