It is possible that your monthly payment would reduce if you went onto a lenders Standard Variable Rate (SVR), though it is also equally possible that your monthly payments could increase. Your dedicated mortgage advisor will compare the new products available against your current mortgage deal, in order to work out these savings for you. If you have equity in your property, a remortgage would also provide you with an opportunity to release some of this money if necessary for any reason. We often see this is used for things like home improvements or modifications.