Re-mortgaging a property when a fixed-rate deal expires is a great way to save money, it has been suggested.

According to Rachel Williams, editor of personal finance magazine Moneywise, homeowners could be paying up to two per cent more than necessary on their mortgage if they stick with a standard variable rate product.

"You''re throwing money down the drain if you''re paying your lender''s standard variable rate, basically, so you need to switch to a better deal," she said, adding "it is one of the easiest ways to save money".

Although she acknowledged that some people may be put off by the hassle of re-mortgaging, Ms Williams pointed out it need not be as complicated as they think.

"The easiest way is re-mortgaging with your existing lender, because then it''s just a case of signing a few forms and being transferred… But if you can get a better deal elsewhere, you should re-mortgage with a better provider."

According to the British Bankers Association, the number of re-mortgages approved rose by four per cent between August 2006 and August 2007, something some experts believe is down to the number of people looking to secure a good deal in case interest rates rise further.