It's been 2 years since we bought a property, and we have been recommended for remortgage (or mortgage transfer?) by a broker.
Let's say for a loan of 5M,
- Interest rate cap = P-2.5% = 3.375%
- Monthly pay = around 22.1k
- Interest rate cap = P-2.25% = 3.625%
- Monthly pay = around 22.8k
- Cash rebate = 3%, i.e. 150k (so that's rebate of HKD6250 for 24 months)
- And plus there will be a solicitor fee for sign-off?
If I understand it correctly, we can do mortgage refinancing every 2 years, so is there any reason for me not to go for this?
I am still not familiar (embarrassingly!) with the mortgage system in Hong Kong, so please bear with me...