Refinancing
Make sure your loan still fits.
Your circumstances change. Your mortgage should be reviewed with them. Look at the full cost and features of your existing loan before deciding whether to stay, negotiate or switch.
Credit assistance is provided by Fouracre Financial under its own authorisation and terms. Lending is subject to lender approval.
When it’s worth a conversation.
- A fixed-rate period is ending.
- Your income, debts or property plans have changed.
- You want to compare your current lender with other options.
Look at the whole picture.
A lower headline rate can be offset by switching costs or a longer loan term. Compare total costs, repayments and useful features together.
Compare the whole change.
Start with the existing loan. Check the balance, remaining term, rate, annual fees and any fixed-rate period. Keeping a loan, negotiating with the current lender and moving to a new lender each have different costs and practical consequences.
A refinance can reduce a repayment simply by extending the term, while increasing the interest paid over time. Ask for comparisons over an equivalent period and include discharge fees, establishment costs and any break costs. Approval still depends on the new lender’s assessment and valuation.
Questions to take into the conversation
- What is the total cost of switching?
- When would any savings outweigh those costs?
- Does the new term support my repayment goals?
Useful things to bring.
- Latest loan statements and interest rates
- Offset or redraw arrangements
- Any fixed terms, break costs and discharge fees
What happens next.
Fouracre can review your current loans and compare the costs and trade-offs of available options.
InvestorKit Finance is not a credit provider or mortgage broker. Credit assistance is provided by Fouracre Financial under its own authorisation and terms. Your lender decides whether to approve an application. Other referral partners may be introduced where appropriate.
Your next step
Let’s start with your plans.
Book a conversation with InvestorKit. We’ll help you connect with Fouracre Financial when you’re ready.