"December is the biggest month for mortgage maturities in 2020, with almost 170,000 accounts reaching the end of existing deals"
Available from tomorrow, two-year fixed rates are available at 1.79% up to 65% LTV and 1.89% up to 75% LTV, both with a free standard valuation and fees assisted legal services.
Analysis from the Society shows that residential borrowers with mortgages maturing in December could save over £100 on their monthly repayments if they remortgaged.
Data from CACI shows December is the biggest single month in the UK in 2020 for residential maturities – as nearly 170,000 mortgage accounts come to the end of their current deal, with outstanding balances totalling over £25bn.
Matt Bartle, director of products at 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.”
