re-trying to reduce mortgage

joe134

Hi Guys, need a bit of advice please. My Son, has a SVR mortgage with Santander, 4.9% approx, always been on it..
He owes £28k, on the house, with 8 years left to run, £300 pcm, approx. I'm looking at how he can try and reduce that rate, Santander say they cannot better it.?
I've lost touch with mortgages,I don't have one now.
He has roughly, 80 % LTV , equity in the house.
Any advice would be grateful. In the low rate mortgages available, I'm of the opinion, that 4.9% is high.? is it ?

ACG

It is higher than you would expect but if Santander do not want to offer anything new then its a case of seeing what other lenders will offer. But he then has to go through the underwriting process, its down to him to decide if its worthwhile or not.

joe134

ACG wrote: »

It is higher than you would expect but if Santander do not want to offer anything new then its a case of seeing what other lenders will offer. But he then has to go through the underwriting process, its down to him to decide if its worthwhile or not.

Thanks ACG, I will put that to him. :beer: