Best mortgage deal for someone only wanting to borrow...

BenG1

...around 20% of the house value?

Tricky question maybe, but basically I want a new mortgage based on the fact that I now have approx 80% of what I owe on my current mortgage.

So is there a cracking deal out there that fits this criteria?!

Or if that's too difficult/not enough info - who has the best mortgage offer at the moment?!

Thanks in advance!

luckyfool

Depends on size of the mortgage.

BenG1

I currently owe £137k. Want to reduce by around £100k (final figure not decided).

_Andy_

'Best' in which sense - e.g. lowest payment, best overall value...
Do you prefer a tracker or fixed?

luckyfool

Any deal you get is likely to be relatively unattractive as you are looking for well under £50k. Worth looking for the best fee free or close to fee free deals you can find that are available below £50k and compare them with whatever your current lender's svr is.

VIGILANT22

You need to ask yr existing provider if you have erc's...if not what rate are you on?

BenG1

'Best' as in lowest repayment but fastest repayment really. A kind of balance between the two, which isn't very clear, I know.

I have no ERC. So under 50k is unattractive to lenders is it? Damn. My current rate is interest only and is 1.5% - it's the interest only bit that's bugging me, of course!

VIGILANT22

Do you understand yr mortgage?........Why does the interest only bit "bug you"?

BenG1

Because although I am only paying very little each month I ain't making a dent in the 137k.

I want to change that AND reduce the total amount I owe dramatically. I can afford to pay a bti more each month to get that done.

VIGILANT22

Makes no sense!..........If you have a mortgage with no erc's regarldess of whether it is IO or repayment ..you can pay what you like......as for trying to beat 1.5%!! well!!

BenG1

Ok - that bit I didn't know...I can pay off a huge chunk of my existing mortgage can I, now I have no ERC? And then, presumably overpay each month if I wish? I'll have to double check that, of course but...

...cannot believe I did not know that...!