Yorkshire Building Society offset remortgage deals enter their 10th year.

Yorkshire Building Society offset remortgage deals have just reached their 10th year in operation.

The lender advises that over 30 per cent of all mortgage applications it receives are for offset remortgage products, in light of this fact the lender is keen to promote the benefits of their offset deals.

Jemma Smith, who is the Yorkshire Building Society's mortgage product manager, said that the lender was the first among UK building societies to offer offsets to mortgage customers. They believe that the product provides home-owners with a real opportunity to save money on their mortgage.

She added that such a high level of offsets is not the industry norm and questions how many UK borrowers are aware such deals exist. The Yorkshire BS want to educate all existing mortgage holders and those planning a new home purchase as to the benefits of such deals.

According to the Yorkshire, the average offset mortgage taken out in 2011 was around £184,000, with offset mortgage-holders having an average £51,500 in their linked offset savings account.

The lender has calculated that an offset deal at £184,000 linked to £51,500 in savings over a 25 year period would allow home-owners to pay off their mortgage 5 years earlier than planned. This means that £62,852 could be saved in interest.

In fact Yorkshire Building Society figures reveal savings of just £2,500 could shorten a mortgage of £100,000 by around 7 months, saving interest of £4,142.

The Yorkshire believe that with their wide range of offset remortgage deals they have something for everyone.

For more details of UK lenders offset mortgage products contact Deal Direct, we can source a competitive deal for you.