A mortgage is a contract with terms and conditions set when taking the loan secured on your property. Just like a mobile phone contract, a mortgage will have an initial product period with which mortgage lenders use to entice customers to take their product.
When this initial period ends and your early repayment charge period has finished, it may be worthwhile re-mortgaging to a different lender to get a better deal.
A Re-mortgage is where the original lenders loan is paid back by your new mortgage provider. A Re-mortgage does not have to follow the original contractual terms and is often used to clear debts,get a better rate or reduce/extend the mortgage term.
A good financial adviser will look at the total cost to remortgage and evaluate if there is any benefit to you.