According to the Yorkshire Building Society, £5.6 billion worth of mortgages are due to mature in the UK this month, making it the second largest ‘maturity peak’ of the year. With the increased house prices and low mortgage rates borrowers could take advantage of some very big monthly savings
Take, for example, a homeowner who borrowed 90% of a £200,000 property when they first purchased the home in April 2017 and who was on an interest rate of 2.04%.
They could now look to remortgage and obtain an 85% loan to value mortgage deal reducing the interest rate they are paying and therefore saving them money on their monthly repayments. Give us a call today and we can give you a free no-obligation consultation and see if you could be better off by remortgaging.