More people 'discovering benefits of offset mortgages'

Coventry BS unveils 65% LTV offset mortgages from 3.49%

Coventry Building Society has introduced a range of offset and buy to let mortgages with flat fees at 65 per cent loan to value.
Leeds Building Society announces new deals on offset mortgages

Customers eager to take on an offset mortgage may wish to head to Leeds Building Society after it announced new deals on such products.

Thursday, 28 October 2010 12:00

More inviduals may now be aware of the potential benefits of an offset mortgage.

The product accounted for almost 11 per cent of new mortgages sold in the second quarter of 2010, compared to 8.5 per cent in 2007, figures released by the Council of Mortgage Lenders have shown.

According to first direct, a typical Offset Tracker mortgage could enable a homeowner to cut down the length of repayments on a £150,000 loan by up to three years.

As well as offering savings benefits to customers, an offset deal from the lender also allows the flexibility to make unlimited payments on a regular basis or in lump sums, as well as the option to transfer the mortgage to another property.

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