Borrowers could save £1,180 a year – a total of £5,900 over a five-year fixed term – on their repayments by remortgaging, according to analysis by Leeds Building Society.

Recent industry data shows £183.2bn of mortgages will mature in 2021.

In April, over 110,000 accounts are set to mature, accounting for over £17.2bn.

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On average, borrowers with a mortgage maturity in April 2021 have an outstanding balance of £150,000.

This research comes as Leeds Building Society refreshes its product range by adding a 1.70% 5-year fixed rate mortgage, available at up to 75% LTV, which the building society says could save borrowers significant sums when compared with the market average reversion rate.

The product comes with a free standard valuation and fees assisted legal services.

Matt Bartle, director of products at Leeds Building Society, said: “Some homeowners don’t realise they can make real savings by remortgaging when their fixed term ends.

“Mortgage rates remain at historic lows and many of those borrowers who are coming to the end of their fixed terms will find they are able to switch to a favourable deal.

“Over 110,000 mortgages will be maturing in April 2021 and these borrowers should be able to reduce their payments significantly by remortgaging.”