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January remortgage spike expected as renewals peak next month

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14/12/2021
Yorkshire Building Society has launched a range of long-term fixed rates in time for those with deals ending in the new year
January remortgage spike expected as renewals peak next month

Now could be the time to switch your remortgage with a huge spike in renewals due in January 2022.

An estimated £6.7 billion worth of mortgages will mature in January, according to CACI, the second largest peak of 2022. This means there’s expected to be a surge in borrowers looking for a new deal.

Ahead of the spike, Yorkshire Building Society has launched a new range of deals to support borrowers who want to lock into reduced longer-term rates for up to 10 years.

The building society’s new mortgages include::

  • A 10-year fixed rate at 1.94% on mortgages up to 75% of the property’s value, which comes with a £995 fee, £250 cashback and free standard valuation.
  • A fee-free 10-year fixed rate at 2.06% on mortgages up to 75% of the property’s value, which comes with free standard valuation
  • A seven-year fixed rate at 2.80% on mortgages up to 85% of the property’s value, which comes with a £495 fee and free standard valuation
  • A five-year fixed rate of 1.61% at 80%, which comes with a £1,495 fee and free standard valuation for house purchase, and free remortgage legal services for those renewing their home loan
  • A fee-free five-year fixed rate of 2.90% at 95%, which comes with free standard valuation.

Ben Merritt, senior mortgage manager at Yorkshire Building Society, said: “These new deals will appeal to borrowers who want to get organised and arrange their remortgage ahead of the festive period.

“January is a significant month for remortgages but with it being a busy time of year there’s every chance sorting out a home loan falls down people’s priority list.

“Any borrowers due to remortgage at the start of the New Year could benefit from getting everything wrapped up before the year is out to avoid reverting to their lender’s standard variable rate and potentially paying more in interest.”

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