When your existing mortgage deal is due to expire you have options available to you. You could stay with your existing lender and switch to a new product or remortgage to a new lender. The benefit’s of staying with your existing lender are that the lender will not carry out any further affordability checks, so if your income position has changed, perhaps you’ve taken a lower paid job or reduced your hours this option could be appealing. The lender will also not carry out a credit check, so if your financial position has changed this will not affect you. Alternatively you could switch to a new lender, with 1000’s of products available potentially you could switch to a lower interest rate with lower monthly payments. This option would be subject to full underwriting which includes an affordability assessment and credit check. Normally you would receive incentives from the lender which would include a free valuation and legal work.