mortgage refinancing can get you a better deal, and release some of your home equity. There's lots of options available and this page will help provide some general advice.

Many people are on a lenders standard rate deal.  That's a waste of money !  You're subsidizing the special deals they give to other people...

What type of special mortgage refinancing deals are available ?

Well, firstly you can get a reduced interest rate.  It may be possible to reduce your mortgage interest rate by 1-2 % or more.  So you can take out some extra money for car purchase, home improvement or whatever... and pay less money to your lender every month !

But there's often a drawback to special rate deals.  You're usually locked in for a period of time - can be 2 to 7 years.  If you clear the loan in that time, you pay a redemption penalty (can be up to 3 %)

Secondly, you might get a payment holiday, if you want to start a new business or take an extended vacation etc.

There's many other special deals when you choose the re finance mortgage option.  Search the internet, speak to some offline brokers and look for the best deals.

Mortgage refinancing is a great way to raise some extra money, but it does have a couple drawbacks.  Mainly, you now have a higher mortgage debt outstanding.  One day, it must be repaid to your lender.

However, if you need to raise some finance at a low rate, then this is a good way to do it.