When it comes to remortgaging you are under no obligation to stay with your current lender, it is completely up to you.
As the term of your mortgage comes to an end you may be contacted by your lenders as well as the broker who arranged your deal in the first place – if you used one.

Since the majority of brokers do not charge a fee but instead are paid by the lender they arrange the deal with (this is called a procuration fee) it is well worth speaking to a broker to see if he or she can offer you a good deal.
A broker’s job is to scour the mortgage market for the best deal for his or her clients. A whole of market broker will have no deals or links with any specific lenders so you can be sure he will find a deal that’s right for you without being bias.

 

If you do choose to stay with your lender you can either remortgage onto a new deal or simply revert to the lender’s Standard Variable Rate.
The Standard Variable Rate rises and falls in accordance with the Bank of England Base Rate. At the moment base rate is very low, the lowest it has ever been in fact.

This means reverting to a lender’s Standard Variable Rate is quite a good deal in most cases. For example, if a lender sets its SVR at 2% above base rate and base rate is currently 0.5% then your mortgage rate will be 2.5%. However, should base rate rise to 3% over time then your mortgage rate will be 5%.
While you may think reverting to SVR is the best option now it is worth having a look around at other deals just to make sure you don’t miss a trick.