What experiences have we all had with the various lenders when trying to release equity? I have found Mortgage Express to be excellent: the process was quick and easy, costs were basically only the survey, the interest rate was the current pay rate and the rent multiplier 1.25.I phoned up Birmingham Midshires but was disappointed that the interest rate on any released equity was much more than the current pay rate. I will consider this when next choosing a lender.

I am now using Paragon, who do a product with a built-in drawdown facility, available after 6 months "impeccable" payment record. I haven't used it yet. Two snags, though. They insist on appointing valuers themselves, which introduced delays, and on the first one I did, a remortgage, the Countrywide valuer valued at £57k a property among ones with asking prices of £70k plus currently. This is not the first time I have had Countrywide downvalue terraced houses in Middlesbrough.

I have released equity on 3 properties using Mortgage Express. It was far from straightforward.The drawdown they offered was based upon their standard variable rate, even though I was in a preferential rate period.They told me that I had to have at least 36 months remaining of the preferntial rate period to qualify for this rate on any drawdown. To make matters worse, the interest to rent multiplier was 1:3 so my drawdown facility was much reduced when these factors were combined.I complained bitterly and was rebuffed. I didn't give up however and I persisted until eventually they "made and exception" for me as a long standing customer.After that the process was straightforward but i do find the quality of advice you get from Mortgage Express is directly related to the quality of the indivdual you end up speaking to at their call centre. Often advice is contadictory which is even worse.Peter

Mortgage Express are very good with equity release as you say, but they do not allow mortgages to be transfered from one property to another. Some other lenders do allow portability.

I have looked at this recently as I will be re financing in the early new year. Does anyone have any thoughts on what is the most cost effective mortgage to opt for in the first place when considering future refinance..fixed, variable tracker etc. My thoughts are, that if one takes out a tracker mortgage with a future drawdown facility this would be cheaper than say opting for a short term fixed deal and re financing after the discount period, probably changing lender. I would assume that when you add up brokers, solicitors, search fees etc for the new finance deal, surely the costs whould be reduced with the tracker option, as the searches, solicitors fees etc were only needed on the initial purchase?