Staying with your current provider
Switching to a new mortgage deal, either with your existent mortgage provider or with a new one, is called remortgaging.
There are multiple advantages of staying with your current lender when remortgaging, the biggest of these being ease. When you originally applied for the mortgage, you would have provided important documents, such as ID, proof of address and proof of income, therefore they already have these details on file, and they wouldn’t need to be provided again. They also wouldn’t have to value the property to check it is worth the amount being remortgaged.
By staying with the same provider, you will also incur fewer costs, as you are unlikely to need a conveyancer to complete the legal work. You can usually transfer to a different deal very easily, and with some providers this could be as simple as going on their app or website and selecting a new deal. All in all, remortgaging with the same provider will take around 6 weeks to complete, so you still need to consider doing this before your fixed term contract ends.