Approaching your lender

When you undertake the process of refinancing, it is similar to when you originally applied for your loan. Essentially, you’re discharging a previous debt and undertaking a new mortgage.

When you choose a lender, choose one who takes the time to understand your financial goals because in many cases a mortgage is the centre stone of an individual’s wealth creation strategy.

This new mortgage will have a brand new set of fees, terms and conditions that you’ll want to familiarise yourself with.

You will be required to fill in an application form, pay associated fees and go through the process again.

These fees can sound daunting; however they’re generally quite straightforward. Ensure your lender explains to you which fees you will be required to pay, including ongoing fees.