Yorkshire Bank: Offset your mortgage and save
www.moneynews.co.uk > Mortgages > Yorkshire Bank: Offset your mortgage and save
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Money News |
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Yorkshire Bank: Offset your mortgage and save
Tue 26th Jun 2007
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The group estimates that four million people join their finances with one bank or building society, entailing that they lose £11,000 on average each in the process.
Offset mortgages enable customers to gain greater tax efficiency by effectively earning the mortgage interest rate.
Gary Lumby, Yorkshire Bank's head of retail, said: "The average homeowner who has their savings, current account and mortgage with the same bank but has not yet considered an offset mortgage could be missing out on a great opportunity. "
He added: "With the recent rises in the Bank of England's Base, many offset mortgage homeowners can see the positive balances in their savings and current accounts working even harder to offset the mortgage interest. With built-in payment flexibility there is also an option to overpay or underpay."
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