If your lender refuses to play ball
and match a better offer, you may need to refinance (assuming the saving is
material of course).
Before you do that, I recommend
getting your broker to send a discharge authority to your existing lender.
A discharge authority is
a form used to request a refinance.
Sometimes banks won’t offer a better
deal until they receive a discharge authority, as they know you’re serious
If you don’t receive a better offer
within 2 to 3 weeks of submitting the discharge authority, it confirms that
your lender definitely won’t come to the party.
BEGIN THE REFINANCE
If you must switch to a new lender to
obtain a fresh interest-only term or lower interest rate, so be it.
Whilst it can be a bit of a process,
in the scheme of things you will be well rewarded for the effort.
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Friday, 28 April 2023