Gone are the days when you took out a mortgage and kept the same one for 25 years. Nowadays, it’s common to shop around every few years to make sure you are getting a good deal. Switching mortgages can significantly cut your monthly payments, but you’ll need to weigh up these monthly savings or other benefits against the up-front costs of making the switch.

Every year your lender must send you a mortgage statement and this is a good opportunity to check your mortgage and consider making some changes. Its also a good idea to review your mortgage whenever a special deal, a fixed rate for example, comes to an end. Some consideration, however, needs to be given to whether you are liable to any early repayment charges.

Use our free mortgage tool that compares all UK mortgage products to find the current best buys