ME says beware of refinancing traps

It makes good financial sense to look for ways to lower the cost of your existing mortgage. ME Bank advises that borrowers be wary of special introductory deals offering discounted loan interest rates for a temporary period.

Once the rates revert to their normal level, the escalation in your long-term costs can often create difficulties in meeting repayments. Make sure you know why you want to refinance – e.g. to get a better deal, to get better service, to get a better product.

To find out exactly how much you could save by refinancing, you only need to put your current figures into ME’s Loan Comparison Calculator or arrange for a ME Bank Mobile Banking Manager visit you at your home or workplace to help you work out what is going to be the best solution for you.

Source: ME Bank