Borrowers should prepare for the end of their mortgage contract at least three months before it is due to end, it has been claimed.
Cheltenham and Gloucester (C&G) recommended that homeowners should visit high street banks and consider consulting a mortgage broker well in advance of the time they will have to decide whether or not to remortgage with the same provider.
Stephen Noakes from C&G said people should be aware of the conditions which may affect their eligibility for home loans.
"It is important that [borrowers] understand their own position and they understand the choices which are available to them," he added.
Examining options early will help homeowners to get the best deal available, the expert claimed.
Figures from the Council of Mortgage Lenders revealed there were 11.74 million outstanding mortgages during the first half of 2008, compared with 11.82 at the end of 2007 and 11.84 at the beginning of last year.
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