So your existing mortgage deal has come to an end. Tempting as it can be to stick with your lender's standard variable rate (SVR), you may find a better deal by remortgaging. Here's how to do it...

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When your existing deal ends, subject to your personal circumstances you can choose to move your mortgage to a new lender or even remortgage with the same provider.

It might seem easier just to sit around on your current deal, but shopping around can save you serious money and just a few percentage points can yield surprisingly meaty results
Kristian Dando,

There are lots of reasons to remortgage, but the main one is to save money. You may be able to find a much cheaper deal elsewhere, or you may want the security of a fixed rate.

You can compare remortgaging deals through You can also speak to a real, live human adviser, with our award-winning partner London & Country.

Just ring 0800 073 1959, or request a call-back through the mortgages page.[2]

My SVR is great, why would I remortgage?

If you've been on a fixed rate deal and it's just finished then your mortgage payments may have actually fallen. When you're suddenly paying less, it's easy to put off remortgaging. After all, if it's not broke, why fix it?

But there are some good reasons to think about switching. The main one is that you could save money, for example if you move to a tracker mortgage where rates are traditionally lower.

Alternatively, you might prefer the security of a fixed-rate deal. Even when SVRs are low, you don't know when they'll start to climb.

Some homeowners simply feel more comfortable knowing exactly what their repayment will be each month.

Why not compare fixed and tracker remortgage options through, or speak to an adviser on 0800 073 1959[2] if you're not sure what's right for you.

Raise money by remortgaging

Another reason you might be considering remortgaging is to release any equity in your home, perhaps to repay debt or make home improvements.

Are you paying too much? Does your current deal not suit your budget or circumstances? Switching your mortgage to a new deal can be one of the best money-saving moves you can make

This can be a sensible option if you're confident your home improvements will add value to your property, for example, if you're adding an extension.

It can also make sense if you're paying high interest on outstanding debt and could save money by consolidating it and adding it to your mortgage.

But, of course, you need to keep in mind that 'releasing' equity means extending your mortgage.

You need to be confident that this is the best way to repay your debt and understand that you could end up paying it off over far longer this way.

Also, by reducing your equity in your home you might not qualify for the most competitive mortgages, so you could pay more interest.

Visit our mortgage comparison page and - in the quote process - use the handy calculators to see how much you could borrow and how much it will cost over the term.

It's also a good idea to talk to an adviser about the exact costs of equity release before you make any decision.

What if I'm still locked into my current mortgage?

If you agreed a fixed rate mortgage when rates where higher, you might be regretting the decision when rates are low. You may be able to leave your existing deal early, but you'll usually pay for the privilege.

Most lenders will charge an early redemption fee, so you need to factor that into your sums when you're working out whether or not it's worth remortgaging.

How to remortgage

If you want to switch, it's a good idea to compare mortgages from different lenders. There will usually be fees and other charges if you remortgage, so make sure you factor those into your sums when you're comparing costs.

If you're not clear on the total cost of different deals, you can speak to an expert adviser by calling 0800 073 1959[2]

Whatever you do, don't be tempted to apply for several products to see which one you get. Applications like that leave a mark on your credit history, and that can put lenders off. You could find you don't qualify for any loans, just because you've applied for too many.

That's another good reason to use an adviser through London & Country. They'll help you understand the options so you only apply for one deal - the right one for you.

By Felicity Hannah