The majority of mortgages available offer an initial benefit period, where you are on a lower rate for the first 2,3,5 or even 10 years. When your benefit period finishes, you will likely revert to the lenders’ Standard Variable Rate, which is usually a lot more expensive than the rate you were previously on. This is also the time when you are normally free to leave your current lender penalty-free (sometimes subject to a small administration charge). You then have 2 options; you can select a new product with your current lender or switch to another lender who may have more attractive propositions than your existing lender. AJBM are able to advise on what the most suitable option may be based on your situation at the time.