Set a goal for what you’d like to get out of refinancing. Some refinance to save money or to access new features, while others might refinance to set a new loan term or to change loan types entirely.
Then, compare whether you would be better off by refinancing.
If your goal is to save money, compare whether you will be better off financially by refinancing. Make sure to account for any exit fees from your old lender, and any establishment fees from your new lender. You can use our refinancing calculator to find out what your new repayments could look like.
If you’re still unsure, consider seeking financial advice from a professional.