Leeds Building Society revealed April is set to be a popular time for remortgaging as this is when around £20.9 billion worth of mortgages are due to mature.
The fact mortgage rates have fallen means there are some competitive deals out there for those people whose deals are due to expire.
Matt Bartle, director of products at Leeds Building Society, said: “Mortgage rates have reduced significantly over recent years so many borrowers coming to the end of their fixed terms will be able to access lower rates.
“Almost 140,000 mortgages will be maturing in April 2020 and these borrowers should be able to reduce their monthly payments significantly by remortgaging to a new deal.”
Leeds has done the calculations, based on an average borrower whose deal was due to expire in April, to find out how much they could save by switching to one of its no-fee fixed rate mortgages.
Someone in this position, it said, could save up to £150 per month on their repayments if they switched to one of its no-fee fixed rates of 1.79% for two years and 1.84% for three years.
These rates would apply to someone with more than 25% equity in their home.
Bartle added: “We know that financial resolutions are popular and many people start the New Year looking to save more money.
“Actively seeking a better mortgage deal on maturity is one way to reduce monthly outgoings and it is important borrowers give themselves enough time to find the best deals.”
Looking for the best deal
Anyone remortgaging is urged to look across the whole market before choosing their a new mortgage deal.
However, it also warned it was important to look at all aspects of a mortgage – including rate – when choosing a new deal as weighing up the overall cost was essential.
Borrowers who need further advice or guidance are encouraged to seek independent financial advice.
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