Often as time passes (or simply that your knowledge increases) you will find better mortgages are available for your particular circumstances and so it is important that firstly you pick a mortgage that offers flexibility (in terms of the tie in period) and secondly you are not frightened/experience any sense of inertia in wanting to change. The process of changing a mortgage is known as remortgaging.

Many financial experts have made reference to the benefits of remortgaging.
A representative from Moneywise magazine says that even if a mortgage provider's offer only has a marginally better interest rate: "When you're borrowing thousands, if not hundreds of thousands of pounds, all those teeny tiny percentage points make a huge difference to the cost of your monthly repayments."

A Norwich and Peterborough Building Society representative, also points out that many providers leave their older, possibly more "inert" customers on higher rates while attracting new customers on low borrowing rates

The remortgaging process
Whilst you should definitely consider remortgaging you should bear in mind that there may be a number of costs associated with the property move.

To begin with, your existing property deal may have tie-ins such as ERC’s (Early Redemption Charges) which tie you into the mortgage. Such charges can be levied by the property lender if you the borrower break the mortgage term as outlined in the contract. Mortgage providers have long since realized that a number of people change their mortgages frequently to get the best deal and therefore certain mortgage lenders with particular offerings do deter these rate tart (there words not ours!) movers by punitive charges.

During the remortgaging process, having completed all documentation for your new home your new mortgage lender may well carry out a new valuation of your property which may mean adding in additional costs in your planning.