Refinancing
A fixed-rate review before the term ends. Rate, structure, cash-back, and the cost of leaving your current bank.
A refinance is worth doing when a fixed term is ending, or when the loan no longer matches the house, the income, or the debt. Rolling onto the bank's default variable rate is the outcome of doing nothing.
We compare 16+ lenders. The useful comparison is the rate, the structure, any cash contribution, and what it costs to leave the loan you have. Advice is free to you. FSP665511.
Start about 90 days out
A switch takes time: an application, a valuation if the new lender wants one, and your solicitor. Ninety days before the fixed rate ends is enough to finish that before the loan rolls. Two weeks is not.
If you are breaking a fixed term early, the current bank can charge a break cost. We ask for that figure before anyone talks about a lower rate. A cheaper rate that costs more to reach is not a saving.
Staying can be the right answer
Your own bank will often offer a new fixed rate if you ask in time. Sometimes that offer, with no legal bill and no valuation, beats a move. We put the stay-put option next to the switch so you can see both.
Cash-back from a new lender is part of the sum, not the whole sum. It is usually clawed back if you leave again inside a set period. We count that.
Structure, not only the rate
A single fixed term is simple and rigid. Splitting across two terms, or leaving a portion floating, matters if you expect a bonus, a sale, or a renovation. The right split depends on what you are about to do, not on a chart.
A refinance is also the moment to clear a personal loan or a card into the mortgage, or to take equity for a specific job. We only do that when the repayment still fits.
What to bring
The current loan statement, the date the fixed rate ends, and a rates invoice. If you have had the house revalued in your head, ignore that number until a lender or a valuer sets one.
Tell us about anything that has changed since the original approval: a new job, parental leave, a new debt, or a rental. Hiding it does not help the second application.
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Frequently Asked Questions
- When should I review my fixed rate?
- About 90 days before it ends. That is enough time to compare a new rate with your own bank and a move to another lender before the loan rolls onto a default variable rate.
- Does it cost anything to refinance?
- Our advice is free. Leaving a fixed term early can mean a break cost, and a new lender can mean a legal fee or a valuation. We get those numbers before you decide.
- Should I take a cash-back offer?
- Only after it is set against the rate and the clawback period. A cash contribution you have to repay if you leave is not free money.
- Can I refinance if I am self-employed?
- Yes. The new lender will want financial statements, usually two years. We prepare that rather than sending a thin application.
- What if I just want a better rate and nothing else changes?
- That is a normal review. We check your own bank's offer first, then other lenders, and stop if staying is the better deal.
Ready to get started?
Our advisers can travel to you for an in-home meeting or arrange a virtual catch up. We're happy to work around your schedule.