Yorkshire Building Society's Offset Plus mortgage account proves popular
www.moneynews.co.uk > Mortgages > Yorkshire Building Society's Offset Plus mortgage account proves popular
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Money News |
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Yorkshire Building Society's Offset Plus mortgage account proves popular
Wed 15th Apr 2009
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Last month, record numbers of people opened an Offset Plus mortgage account with the building society, more than doubling the total of the same month last year.
The mortgage account enables up to two family members or friends to link their savings account to the borrower's offset mortgage.
No interest is paid to the saver, but any savings put towards an offset mortgage will be helping the borrower to pay less every month or to reduce the term of their mortgage considerably.
With savings account rates currently low, it seems many customers are seizing on the opportunity offered by the deal.
Chris Edwards, head of mortgages and savings at Yorkshire Building Society, said: "The success we are seeing with our Offset Plus account doesn't surprise me as it's a really good way to help a family member or friend with their mortgage."
Currently, the Bank of England's base rate of interest is 0.5 per cent.
Click here for more mortgage news
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