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Refinancing

There are many reasons you may consider refinancing your mortgage.

There are many reasons you may consider refinancing your mortgage.

The main one is that some customers get to the point where they feel that it is time for a change as they no longer feel that they are getting good value from their lender. Often this comes down to lack of personal service or relationship with someone in the bank. How many times have I heard a customer say something like this “We used to deal with Bob or Julie and they were great, but they moved on and now we don’t know who is looking after us”.

Personally, I never look to refinance a customer unless there is good reason. In other words, they have to be better off as a result of the change.

If it is a discount on interest rate issue, I always go back to the customer’s lender first and give them the opportunity of matching any other rate that is offered by a competitor.

Sometimes this works and sometimes it doesn’t.

Where I do find that refinance is appropriate is where;

  • A new lender will provide additional finance that the existing lender wouldn’t.
  • Where the existing lender refuses to match an interest rate offered by a competitor.
  • Where the existing lender is insisting on Principle and Interest payments for property investors and a new lender will be quite happy to lend on interest only terms.
  • Where a property investor wants a different and separate lender for property being purchased in another entity.
  • Sometimes there is advantage for an investor to have more than one lender where they want to build a portfolio of property and may exceed one lenders comfort limit.

Contact me now to discuss your situation and I can advise the best way forward for you