When your mortgage deal comes to an end, you may want to shop around for a new product. This is known as a remortgage. Doing nothing and staying with your current lender after the end of the agreed term of your mortgage, say two or three years, will mean that you revert to the lenders Standard Variable Rate (SVR). If this rate is relatively attractive, you may not want to bother remortgaging. And if you have not built up much equity in your property, you may not be able to remortgage, as many lenders now insist on a minimum of 20% equity in order to secure competitive interest rates. But if you have a lot of equity in your property, you may well be able to remortgage onto a more attractive interest rate.
Source: yourmortgage.co.uk
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