There once was a time when loyalty was rewarded. However times have changed and loyalty to your mortgage lender no longer seems important. These days the average mortgage lender seems obsessed with attracting new business while few seem interested in providing their existing customers with incentives to remain with them.

New customers are often drawn into taking out financial products from their mortgage lender because of various incentives that are offered to attract new business. The incentives on offer can include discounts on application fees, discounted interest rates, free valuations, cash backs, and even free gifts.

However, it seems that once the relationship between the lender and the customers moves beyond the honeymoon stage there is little incentive for the borrower to remain loyal. Discounts on interest rates generally expire within two to three years, after which the borrower will be forced to pay the mortgage lender's Standard Variable Rate unless they switch to a new product or lender.

Some mortgage lenders will allow for a renegotiation of the interest rate once the discount period expires, but many will not and will instead focus their efforts on attracting new customers rather than keeping their existing ones. Often this results in the borrower switching to a new lender to secure a new home loan product with a discounted interest rate. Although this can attract application fees, the savings in interest payments will usually more than make up for this one-off expense.

If your mortgage is no longer offering you any incentives to remain with your current mortgage lender, try to negotiate a discount instead of paying the lender's Standard Variable Rate. If that doesn't work, contact an independent mortgage broker to find out what home loan products are currently available on the market that could save you money.

Remember, if you decide to switch to a new mortgage lender you may be eligible for any number of incentives that they offer to attract new customers. Provided such as offer is available, the best course of action for you to take may be to switch your mortgage lender and therefore take advantage of the offer.

Lenders are currently re-evaluating their home loan products in the wake of the first shockwaves to hit the UK from the global credit crunch. This coincides with several million home owners reaching then end of the discount rate period on their current mortgages. The result of this should be that mortgage lenders will begin to offer products with sweeteners designed to lure as many new customers as they can onto their loan books. It may, therefore, be a good year to look at switching mortgage lenders even if you don't need to.

If in doubt, speak to an independent mortgage adviser for some impartial advice. A fully independent mortgage broker will help select the right product and lender for you based on your individual circumstances. Each home owner has a set of circumstances different from each other meaning that some may be suited to switching products and lenders while others may better off staying with their existing home loan. A qualified, independent mortgage broker should be able to help with this evaluation.