A client of mine asked me the other day why people remortgage.  It seems relatively straight forward to me, having worked in the industry for a number of years, but now that I'm away from it all, its interesting that a question like this comes up quite regularly.  People don't seem to realise the benefits of keeping track of their finances and in particular the benefit of moving to a more advantageous rate.  If you are coming to the end of a discounted, capped rate deal - why not take advantage of a hugely competitive market that, in all fairness is now weighted towards the home owner.

What I do is every 2 years (if thats the term you are working on) I take some time out to shop around.  There are so many options now available.  The flexibility of switching from one mortgage type to another coupled with the incentives most lenders are now giving makes it sensible to at least look at your options.

You don't need to stay with the same lender, although its worth checking with them first to see if they want to keep you onboard because at the end of the day surely its in their best interests to keep your business with them. 

If this is too daunting, contact an independent financial advisor and get them to do the searching for you.  They generally work on commission so let them source the mortgage rate thats best for you before tying yourself down.  It might seem as though it isn't worth the hassle but realistically we all shop around when our car insurance is due, whats the difference between that and a mortgage on your home?  You could save as much as £400 a year (source - "Which?" Magazine) just by switching - £1200 over a three year period. 

So, friend, next time you ask me why I should remortgage if I don't have bad credit, ask yourself what you could do with £1200.  I think I'll have a look online and come up with a few suggestions......