Those high on equity can get low on rates

"You have been chosen to participate in an invitation-only, limited-time event!

"Are you currently paying over 3 per cent for your mortgage? STOP! We can help you lower that today!

"Answer only a few questions and we can give you an approval in under 30 seconds - it's that simple! And stop fighting for lenders - let them fight for you! Make them work for you by giving you the lowest rates around! $230,000 loans are available for only $340 a month. WE'RE PRACTICALLY GIVING AWAY MONEY!"

Indeed. It's all rubbish, of course. The dollar signs, the exhausting exclamation marks and the fantastical claims might give it away: this is the text of a spam email that regularly pops up in inboxes and sandwiches itself between the porn, the celebrity gossip subscriptions and the occasional message from somebody you actually know.

But while clicking on links contained in these unsolicited messages is bound to unleash several nasty computer viruses, their incessant questions should give homeowners pause for thought.

Specifically, are you paying over 3 per cent for your mortgage? The table of interest rates shown opposite would appear to suggest that the majority of borrowers are.

Unless they opt for the first-year discounts, first-time buyers won't be able to avoid paying more than 3 per cent - although anyone borrowing a decent amount shouldn't be paying too much more in interest, as a variable European Central Bank (ECB) tracker rate of 3.1 per cent is available at several lenders.

For more established homeowners, the 3 per cent mark should be easy to beat. This is because people who have owned their home long enough for white-speckled dirt to ingrain on their windows and a succession of heels to pock-mark their floors are much less risky customers.

With property prices having escalated, they now have substantial equity built up in their four walls: in other words, the size of their mortgage is now much smaller in relation to the sale value of the property than it was when they bought it. They will, therefore, be offered better rates.

If their mortgage has fallen to less than 60 per cent of the property value, it is time to do as the spam email colourfully suggests: stop fighting for lenders - let them fight for you!

The best rate for homeowners in this category is on offer from National Irish Bank (NIB), which offers a tracker rate of 2.79 per cent.

AIB, Ulster Bank, Bank of Ireland, ICS Building Society, First Active and IIB Homeloans all wade in at 2.95 per cent. Ulster Bank customers who also pay for its U First current account can get a further 0.1 percentage point discount, while First Active offers lower rates to people whose loan-to-value (LTV) is less than 40 per cent.

Nobody, however, beats NIB, which will pay €600 toward the cost of the legal fees for remortgaging. For those who don't want to take any upfront hit, Ulster Bank will cover the full legal cost.

And while the paper-exchanging process is never likely to be as speedy, simple or exciting as the spammers imply, some lenders do promise to complete the switch within 10 working days.

"Think your credit is too bad to get a deal like this? THINK AGAIN! We will have you saving money in no time!"