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Yorkshire BS unveils four-year offset

Yorkshire Building Society has launched the only range of four-year offset mortgages available on the market today.

It said this followed a surge in applications for its recently-launched standard four-year fixed rates.

For customers with a 35% deposit, the Yorkshire is offering a 2.19% offset mortgage fixed for four years.

Borrowers with a 25% deposit can get a 2.59% four-year fixed rate offset mortgage. Both have an £845 product fee.

Brendan Gilligan, product manager for Yorkshire building Society, said: “As a member-owned organisation, we prioritise looking after our customers and responding to what they want.

“The four-year fixed rates on our standard mortgages have proved to be so popular, we decided to extend the range to include offset mortgages.

“An offset mortgage works by literally offsetting your savings against your home loan, which means you only pay interest on the difference.

“This means the borrower can reduce their repayments, or pay their mortgage off early."

Gilligan said offsets are particularly popular among borrowers with a large amount of savings and people with irregular incomes or who benefit from bonuses.

“Higher and additional taxpayers can benefit from an offset, as they will avoid paying tax on interest earned on their savings.

“We also offer an Offset Plus mortgage, where family members can help borrowers out by offsetting their savings against the loan.

“We hope these new mortgages, available on house purchase or remortgages, will prove popular with all types of borrowers.”

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