Yorkshire Building Society offset plus mortgage 'popular with families'
www.moneynews.co.uk > Mortgages > Yorkshire Building Society offset plus mortgage 'popular with families'
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Money News |
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Yorkshire Building Society offset plus mortgage 'popular with families'
Fri 22nd May 2009
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This is because this particular offset mortgage allows borrowers to link it with the savings accounts of up to two friends or family members.
In turn, this could see the borrower reducing the term of their mortgage, as the average mortgage rate on a five-year fixed rate loan being is 4.89 per cent and the typical savings account pays less than one per cent.
Head of mortgages and savings at Yorkshire Building Society Chris Edwards 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 without having to hand over large sums of money."
Switching to an offset could help some Brits save up to £18,000 and shave years off the duration of their current mortgage, according to first direct.
Click here for more mortgage news
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