"We expect to see a surge in remortgage applications as many homeowners start considering their next steps."
As a result, lenders are anticipating a surge in remortgage applications over the summer.
A homeowner who initially borrowed 85% of a £200,000 property in October 2014 at a market average five-year fixed rate of 4.25% could save over £200 a month in repayments by choosing the Yorkshire's current five-year fix of 1.54% at 65% LTV.
Charles Mungroo, senior mortgage manager at Yorkshire Building Society, said: “With such a large number of mortgage deals coming to an end in a few months we expect to see a surge in remortgage applications as many homeowners start considering their next steps.
“Borrowers maturing from a five-year fixed rate in particular may be pleasantly surprised to see they potentially have more competitive rates available to them now, especially in areas of the UK where house prices have risen.
“All our mortgage offers are valid for six months so homeowners could choose a new rate now and have the reassurance their home loan is arranged when their current deal ends in October.”
