Analysis by the Leeds Building Society has indicated that residential borrowers with mortgages maturing in December could save over £100 on their monthly repayments if they remortgaged.
December is the biggest single month in the UK in 2020 for residential maturities, with data showing that almost 170,000 mortgage accounts come to the end of their current deal, with outstanding balances totalling over £25bn.
The Leeds Building Society has refreshed its product range and added two no-fee two year fixed rate mortgages, available at up to 75% LTV (loan to value) from 26 November, which the mutual argues could save borrowers “significant” sums when compared with the market average reversion rate. They each come with a free standard valuation and fees assisted legal services.
The new deals are as follows:
- 1.79% two-year fixed rate up to 65% LTV
- 1.89% two-year fixed rate up to 75% LTV
Matt Bartle, director of products at the Leeds Building Society, said: “In recent years we have seen mortgage rates reduce significantly, so many borrowers coming to the end of their fixed terms will be able to access lower rates.
“As December is the biggest month for mortgage maturities in 2020, with almost 170,000 accounts reaching the end of existing deals, these borrowers should be able to reduce their monthly payments by remortgaging to a new deal.
“By actively taking the time to look for a new deal, customers have the chance to reduce their monthly outgoings.
“Alternatively, if they chose a new deal at a lower rate and carried on repaying each month at their previous level, they could shave months or more off the life of their mortgage and save that way.
“We’ve used our experience and expertise to refresh our range and add new two year deals to our no-fee product range, as we continue to meet the needs of borrowers and help more people have the home they want.”