What is Refinancing?
Refinancing is the process pf rearranging loans or other credit either to obtain further money or to reduce repayments. This often takes the form of a new loan to cover the original debt, but usually has smaller and easier to manage monthly repayments.
Consolidation Loans are one way to lessen the burden of multiple debts, but may not be helpful to customers who have already consolidated loans in the past.
Remortgaging is another popular form of refinancing, and similarly involves taking out a new mortgage at a different rate to the existing one.