Depending on how long your mortgage deal lasts, it is fairly likely that if you have a home loan, you will at some point need to remortgage to a different deal in order to avoid much higher repayments on your lender's standard variable rate (SVR).

But remortgaging is not as simple as a straight swap. There are usually fees involved, and your loan will be subject to a new property valuation. Follow our guide, below, to make the process as pain-free as possible.

Think ahead

It is possible to book a mortgage rate with a lender up to six months in advance. This can be useful if you think that interest rates are likely to go up by the time you come to remortgage, or if the mortgage market looks volatile. Otherwise, brokers recommend that six to eight weeks beforehand should leave you with plenty of time to secure a new loan before the other one expires.

Research the market

Finding the best rates requires a three-pronged attack. Ideally, you should ask a broker, as well as approaching two or three lenders directly yourself and using price comparison websites such as Moneyfacts.co.uk and Moneysupermarket.com. There are also a number of online mortgage brokers, such as mform.co.uk.

Reduce your loan size

If you have a mortgage worth more than 75 per cent of your property's value, you will miss out on the best rates on the market. However the lower the proportion you owe, the better the rate you can get. At the end of the current deal, it is worth using any spare savings to pay off some of the loan. This will improve your chances of getting a competitive rate. Alternatively, most lenders will allow you to pay off an extra 10 per cent a month.

Choose wisely

Your circumstances may have changed since the last time you took out a mortgage, so it is important to reassess what type of loan you need based on your new circumstances. If you were previously on a tracker rate but have your budget squeezed for instance, perhaps you would be better off taking a fixed rate this time around? Or if you are planning to move soon, maybe take out a shorter-term deal for two years? Anyone who has managed to build-up some savings could benefit from an offset loan, which reduces the interest you pay on the mortgage, thus decreasing your mortgage term.

Don't waste time

Waiting until you are already paying your lender's SVR can be a costly mistake.

The SVR is the default mortgage rate that lenders charge all borrowers when they come to the end of their lower rate deal. It is usually much higher than lenders' rates on deals, so although you may have to pay a fee to remortgage, it is almost always cheaper over time to pay this rather than remain on the SVR.

The average SVR is currently 7.11 per cent, around 1 percentage point higher than average fixed rate deals. On a £150,000 loan, repayments on an SVR would cost an extra £94 a month.

Be decisive

Depending on market conditions, you can have anything between a few weeks or just a few seconds to decide whether to take a deal. This is because lenders offer you a decision in principle first. This offer is not binding - the lender is only committed to offering it to you once the application has been received.

Sometimes, demand can be so high that a lender is able to offer you a deal in the morning, but by the afternoon, that deal has vanished and been replaced with a higher rate. This is where having a broker, who usually has a relationship with lenders, can come in handy.

Mortgage offers come with expiry dates too, so check when it runs out, or else any delays could mean that you have to go through the whole application process again a few months later.

Five websites

Financial Services Authority - Mortgages made clear

London & Country - How much will it cost? - mortgage calculator

Moneyfacts - price comparison website

Moneysupermarket.com - price comparison website

Mform - online mortgage finder

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