Refinancing is basically replacing or extending your existing loan with another loan from either your current lender or somebody else. There are all sorts of reasons why you might consider it.

If you've got a fixed rate loan, you'll have to consider refinancing at the end of the fixed period, maybe sooner. Even if you have a variable rate loan, you might find that your needs have changed or that your current lender's interest rate isn't as competitive now as it was when you signed up. You might have had a pay rise and you're thinking about moving to a bigger place. Maybe you're about to have a child and need somewhere bigger. Maybe you're expecting some tough financial times for yourself and you want the security of a fixed interest rate.

With 4% sliced off interest rates since September 2008, you're not only likely to negotiate your way into a cheaper rate, but you'll have the opportunity to review the loan features best suited to you as a borrower.

Should you switch or stay put? Find out in the latest issue of Your Mortgage magazine out on sale now!