Refinancing: working out whether a switch saves money
Helps you compare the real cost of switching a mortgage, not just the headline rate.
- Compare the total cost of staying with the total cost of switching, including break fees, legal fees and any cashback conditions.
- Ask your lender for a written break-fee figure before you decide.
- Switching at the end of a fixed term usually avoids a break fee, so it is often the cleanest time to compare.
- A higher loan-to-value ratio can mean the new lender asks for extra costs or a different rate; ask early.
- Ask what happens if rates move during the new term, and take time to get more than one quote.
Check the details. Check your own numbers with your current lender and a licensed mortgage adviser.
Official pages
Shortened from a Berry article first written 2026-05-18. Figures we could not check against a public source were taken out. This is general information, not advice.