With hundreds of decisions to make every day, you can end up acting on autopilot. While this is useful when you’re making small decisions, you could waste resources if you’re not thinking through larger ones.
A recent comment about the cost of people automatically saying “please” and “thank you” to AI highlighted how acting on autopilot could waste resources.
When a user on X, formerly Twitter, pondered how much electricity was used being courteous to AI, OpenAI boss Sam Altman replied: “Tens of millions of dollars well spent – you never know”. While the response was tongue-in-cheek, it drew attention to the cost of processing unnecessary pleasantries.
According to a London Evening Standard article from April 2025, a system like ChatGPT is estimated to cost around £525,000 a day to run. As a result, the lost resources used to process comments like “please” and “thank you” could really add up.
The cost of running AI might not be something you need to consider, but there are other ways that autopilot could deplete resources, including when you’re managing a mortgage.
Here are five mortgage mistakes you might make without realising.
1. You’re paying your lender’s standard variable rate
When your existing mortgage ends, you’ll usually be moved on to your lender’s standard variable rate (SVR). It’s easy to do without realising if you simply continue to make repayments through a direct debit.
However, the SVR usually isn’t competitive and you could end up paying far more in interest over your mortgage term by not searching for a new deal.
There are times when paying the SVR might make sense. For example, if you’re moving home soon and don’t want to take out a new mortgage yet. However, paying the SVR without thinking about it could mean paying off your mortgage becomes more expensive.
2. You don’t shop around for a new mortgage deal
When your mortgage deal ends, your current lender might offer you a new deal. Going ahead with this offer is usually more straightforward as you won’t need to complete a full mortgage application.
However, once again, it could mean you end up paying a higher interest rate than you need to. Shopping around first might identify other lenders that better suit your needs and could lower costs.
The good news is that you don’t need to find and compare deals yourself. As a mortgage broker, we could assess your needs and lend support.
3. You haven’t reviewed your mortgage repayments
Most people set up a direct debit to pay their mortgage. While this automation is useful for making sure you don’t miss any repayments, it could mean you overlook opportunities to overpay.
Overpayments you make on your mortgage goes towards reducing the outstanding debt, rather than paying interest. As a result, it could help you become mortgage-free sooner and reduce how much interest you pay in total.
So, taking some time to understand if you could make regular or a one-off overpayment could make the most of your money.
Be sure to check if you could face an early repayment charge (ERC) before making an overpayment. Most lenders will allow you to overpay up to 10% of the outstanding balance each year before applying an ERC, but this isn’t always the case.
4. You haven’t reviewed your mortgage term
When you first take out a mortgage, you can choose how long you’ll repay the loan. Traditionally, for first-time buyers, this has been 25 years, but you may be able to select a longer mortgage term.
When your mortgage deal ends, you can change the term. While you might automatically stick to your initial plan, reviewing it could be valuable.
Since you took out your first mortgage, your financial circumstances may have improved and you find you’re in a position to reduce the mortgage term. While this might mean higher outgoings in the short term, there’s less time for interest to accrue so you save money over the long term.
5. Your home’s value hasn’t been updated
Another factor affecting the interest rate you might be offered when searching for a mortgage is your loan-to-value (LTV) ratio, which compares how much you’ve borrowed through a mortgage to the value of your home.
Usually, the lower your LTV, the more competitive the interest rate you’ll be offered.
So, if you’ve previously skipped having your home valued, it’s a step that could save you money.
Get in touch to talk about your mortgage and avoid common mistakes
If you need a mortgage, we could help you review your options and offer support when applying. As a mortgage broker, we could help you avoid common mistakes and secure the right deal for you. Please get in touch to talk about your mortgage needs.
Please note:
This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 10/06/2025
