Refinancing

Refinancing your mortgage can be a smart financial move, helping you save money, reduce your repayments, or achieve other financial goals. At Plaxo Mortgages, we’ll guide you through the process and find a suitable solution for your needs.

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Why Refinance Your Mortgage?

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Lower Interest Rates:

Take advantage of better rates to reduce your repayments and save on interest.

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Debt Consolidation:

Combine multiple debts into one manageable mortgage payment.

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Access Equity:

Access the equity in your home for renovations, investments, or other financial needs.

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Change Loan Features:

Switch to a loan with more flexible features, such as offset accounts or redraw facilities.

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Shorten Your Loan Term:

Pay off your mortgage sooner and reduce your overall interest costs.

Potential Fees When Refinancing

While refinancing can offer many benefits, there may be some fees to consider:

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Break Fees:

These may be charged if you break a fixed-term loan early.

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Application Fees:

These may be charged by your new lender to process your refinancing application.

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Legal Fees:

These may be incurred when finalising your new loan and discharging your existing loan.

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Valuation Fees:

Some lenders may require a valuation of your property before approving the refinance.

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Discharge Fees:

These may be payable to your current lender to release the mortgage.

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How Plaxo Mortgages helps:

We’ll help you understand the associated costs and weigh them against the potential savings.

Q: How do I know if refinancing is right for me?

A: Refinancing makes sense if the savings outweigh the costs. We'll help you calculate your potential benefits based on your unique situation.

Q: How often should I consider refinancing?

A: It's a good idea to review your mortgage every 1-3 years or whenever market rates change significantly.

Q: Can I refinance if my financial situation has changed?

A: Yes, but lenders will reassess your financial position. Our brokers can help you prepare a strong application.

Q: How long does the refinancing process take?

A: Typically 2-4 weeks, depending on lender requirements and documentation. We'll guide you through each step to ensure a smooth process.

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