Leeds Building Society launches offset mortgages
A range of offset mortgages with variable rates starting at 5.49 per cent have been launched by Leeds Building Society.
The maximum loan to value (LTV) on these products has been increased from 60 per cent to 80 per cent to allow customers with lower deposits to take advantage.
Kim Rebecchi, director of sales and marketing at Leeds, said offsetting could save customers interest on their mortgage, enabling them to pay it off quicker.
It also provided a higher tax-efficient equivalent savings rate compared to a normal investment product, she explained.
"Savings are also kept in a completely separate account", Ms Rebecchi added, "so there is no need for a fundamental re-organisation of finances, and customers have unlimited access to them at any time, providing outstanding flexibility and peace of mind."
Unlimited capital repayments are allowed on the mortgages.
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