You can re-mortgage at any time, not just the end of your initial period. Changes to your life, such as a new baby or reduction in working hours, might make a restructure necessary, to ease pressure on your finances.
A child going to university or building an extension might prompt you to release some equity from your property rather than taking out a more expensive loan. Alternatively, a pay rise or additional income source might encourage you to increase your payments and pay off your mortgage sooner, while a change in interest rates might simply make it a good time to shop around for a better deal.
You will need to weigh up the savings against any charges you need to pay, such as early repayment and arrangement fees. However, it is almost always possible to save money, either long term or short term, by moving your mortgage to an alternative product. And it is certainly worth restructuring it regularly to best suit your changing needs. Your personal adviser will take some time to learn about your circumstances and plans in order to recommend the best course of action. Once you have chosen your product, they will handle the application from start to finish.
If your situation has changed, we will also recommend that you revisit the question of protection, to ensure that you have the necessary coverage.
(You may have to pay an early repayment charge to your existing lender if you remortgage.)