Should we pay a penalty and remortgage while rates are low?

We can’t work out if it would be cost-effective or not

Q There has been a lot in money advice columns recently about remortgaging now to secure a low interest rate, and my husband and I are really confused.

Our outstanding fixed-rate mortgage is £165,000 on a property valued at £280,000. This deal ends in two years, so we would have to pay an early redemption charge of about £6,000 if we remortgaged. Our current rate is 3.89% and we have 21 years remaining on the full term of the mortgage.

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