With the rising cost of living, refinancing your mortgage can be a strategic move to save money by switching to a bank with lower interest rates. However, this can come with various fees, such as exit fees from your current lender, upfront refinancing fees, and annual fees for the new loan. Using our calculator can help you decide whether it is worth switching, by showing you your monthly repayments and total interest and fees over the life of the loan.
If you can find a lender that is paying you cashback to refinance with them, that makes it much more worthwhile to switch. The best way to find a suitable lender when refinancing is to speak to a mortgage broker who can quickly compare loan products, negotiate better interest rates, and even access higher cashback amounts than what is available to the public. When you use Eden Emerald Mortgages, there is no fee for our services, so you can get all the info you need without worrying about stretching the budget!