Best rate with large equity

johnycash

Hi all, I've built up quite a large equity in my house (about 70-80%) and am thinking of changing my mortgage supplier (the remaining 20-30% is mortgaged).

Are there any good deals out there for people with good equity ratios? Preferably on a shortish term mortgage (pay off in 10 years?).

I've had a search through the sites but nothing jumps out at me.

Thanks

UK007BullDog

Because there is nothing. Due to so many lenders going, there is hardly any more competition and the lenders do not care if you have lots of equity. All they care about now is if you can pay back the mortgage comfortably and your credit record.

So do your maths. You did not say how much your mortgage is so cannot comment on it if you should stay with present lender or should shop around.

johnycash

Thanks UK007BullDog - I will dig out my mortgage details tonight and post them.
:beer:

UK007BullDog

Before the crash I would have said to stay with a lender if the mortgage is less than £50,000. But due to the rates going up but mainly the fees involved in remortgaging you really need to do some serious number crunching to see if moving and eventually paying a fee is worth it in the long run. To keep paying for fees over £500 is crazy as the main aim should be to reduce the mortgage and not to keep adding fees to it just to get a rate which is maybe 0.5% better.

Do your maths is all I can say.

lisyloo

Hi Johnny,

I've only been vaguely looking around but Woolwich have a lifetime tracker or an offset for 5.74% (the offset has some extra fees).

First Direct have currently withdrawn all their deals (except to existing customers) but if you are not in a rush then I think they may be competitive when they come back into the market (don't know when that will be but I'd guess a month or two).

If you are currently on a fixed del then HSBC have a mortgage match deal.
There are some conditions and a fee which can be hefty but for some people it may be a good deal.

Those are the best I ahve seen recently.

lisyloo

Just found out from another thread that you can become a first direct customer and then get one of their mortgages.
They look pretty competitive to me.