You can keep the loan without refinancing it, but you move to what's known as the "standard variable rate" which is generally unfavourable. Most people therefo

You can keep the loan without refinancing it, but you move to what's known as the "standard variable rate" which is generally unfavourable. Most people therefore remortgage to a new "introductory" offer which will be fixed for 2, 3 or 5 years. This is expensive, time-consuming and inconvenient, like much of the UK housing system. A few years ago interest rates shot up, and some people had to stay on the SVR as fewer banks were offering new fixes.