Why should I refinance my mortgage?

There are three reasons why you may decide to refinance:

1. To increase the size of your mortgage in order to raise cash. You can then use that cash for whatever you want; home improvements, a new car, paying off other debts such as credit cards and HP.

2. To move to another form of mortgage contract that charges less interest and thereby saves you money.

3. To move to a mortgage that simply better suits your circumstances. For example you may want a more tax efficient arrangement such as an Offset Mortgage or you may want to cap the interest rate on your mortgage.

Either way, if you are considering whether or not to refinance, you should seek advice from a mortgage expert.