Reducing size of mortgage

seven11

Hi there,

I currently have a £125,500 mortgage with Santander on a SVR (4.24%).

I now want to switch, and have managed to secure a decent 3yr fixed at 3.28%.

However, this rate is only for 75% LTV, and when my house was valued, they said it was only worth £165,000.

This means the most I can borrow is £123,750, leaving me with a shortfall of over £1500.

Because the rate is so good, I am prepared to pay the remaining amount, but before I commit to this, what possibility is there that Santander would slightly reduce the size of the mortgage if it meant the mortgage would be paid off?

They refused to offer me a new rate for over a year, then recently offered me a 4.6% fixed rate, so I don't feel like a valued customer.

I appreciate if you don't ask you don't get; I just thought I'd see if anyone had any advice before I speak to them.

Thanks.

Thrugelmir

seven11 wrote: »

what possibility is there that Santander would slightly reduce the size of the mortgage if it meant the mortgage would be paid off?

??

Could you please clarify.

seven11

Thrugelmir wrote: »

??

Could you please clarify.

As in, would they be willing to accept £124,000 to pay off the £125,500 mortgage I have with them?

Thrugelmir

Only if you paid it down. There's no discount.

The_J

Think of it another way, if Santander asked you for £1500 to cover their Greek debts what would you say?