When lenders compete for your business, it benefits you in lower interest rates and terms that flex to best serve your current financial situation.

Within a few years of your initial mortgage, regardless of the terms; fixed, capped discounted or tracker, your lender may restructure the loan to conform to the current SVR (Standard Variable Rate) which is probably more than what you will be paying if you remortgage.

Though saving money is always a strong motivation it also may be a good idea to enter into a remortgage search if:

• Your Mortgage is antiquated and no longer reflects your current income. Professional success is providing greater financial freedom and you are now able to make extra payments, but the current mortgage won't allow it without penalty.

• You want a flexible mortgage that allows a payment holiday, incur no penalties for paying your loan off early, or pay interest daily rather than on an annual basis. These and many other options may be worked into your new mortgage terms.

• Need to get out from under an endowment mortgage, a poor performing ISA mortgage or reconsidering the value of a pension mortgage

• You want to consolidate high interest debt. This requires a reasonable amount of earned equity in your home.

It's worth a remortgage search, if for no other reason than to have the peace of mind know what you have is right.