Approximately 33% of home loans in Britain are re-mortgages. What this means is you borrow money against your property, or you take out a new mortgage to replace the existing one. You can switch your mortgage at any time if you think you could benefit from better interest rates, for example. There is normally a charge for this, but the money saved on the new rate counteracts the fee charged for the switch. It is worthwhile to seek advice before making any changes.