The reset nobody mentions
You are eight years into a thirty year loan. Refinancing to a new thirty year term drops your monthly repayment, which feels like a win, but you have just added eight years of interest to the back of the loan.
The fix is simple — request a term matching what remains — but it has to be asked for.
Costs that erode the saving
Discharge fees, new application and valuation fees, registration costs, and lenders mortgage insurance if your equity position has changed since the original loan. Insurance is not portable between lenders, so a refinance below eighty percent equity can trigger a fresh premium.
A useful test is the break-even point: how many months of the new lower repayment it takes to recover the cost of moving. If the answer is longer than you expect to hold the loan, the saving is theoretical.
When staying put is the better advice
If your current lender will match or come close on a repricing request, staying is usually cheaper than moving. It costs one phone call to find out, and it is the first thing we do before recommending a refinance.
If you are self employed with a recent change in income, mid-construction, or about to change jobs, the timing may simply be wrong. A declined refinance leaves a mark and achieves nothing.