Re-mortgaging has become a popular option among homeowners but people should be sure that they have conducted comparisons between products before choosing to sign up with a lender, an expert has suggested.

Ray Boulger, senior technical manager at mortgage broker John Charcol, said that the average mortgage is now held for only three and a half years.

His comments follow figures released last month by the Council of Mortgage lenders which revealed that re-mortgaging was still a buoyant area of the market, with loans worth £11.1 billion approved in September.

Mr Boulger advised homeowners to start thinking about their options about three months before they current deal expires, recommending that they look at products from their existing provider as well as those from other sources.

"You need to look at the total interest you''ll pay over the period, add to that the arrangement fee and an exit fee and do a comparison," he explained, adding that a mortgage broker could help those who find making the calculations difficult.

"At the end of the day, the most important thing is to make sure the new mortgage you take out is affordable."