Things change. That’s a pretty well-accepted fact of life. And nothing is quite a fluid as the money markets. Things like exchange rates, interest rates, discount rates and mortgage rates don’t just change from time to time, they change all the time. So it’s always a good idea to keep an eye on them and at regular intervals, say once a year, review your position and make any corrections you need to.
I tend to apply this yearly principle to mortgage rates in particular. There are a huge variety of rates around, from fixed rates to variable rates, from interest repayment mortgages to fixed capital repayment mortgages and new products are being developed every day. There’s also a pretty competitive market out there with a number of institutions vying for your custom.
Morale of the story, don’t just sit on a mortgage. If you’ve had it for longer than a year, then re-evaluate your position and make sure you have the best deal on the market.