An offset mortgage – a flexible friend?
The Yorkshire Building Society offers flexible offset mortgage options across its entire range of products, and it charges just an extra 0.2% on top of its standard rates for those wishing to take out such a deal.
The Yorkshire BS is a large player in the offset mortgage market along with Barclays and First Direct, but by offering range wide offsets they set themselves apart from other lenders.
Many standard mortgages will allow an overpayment to be made but an offset allows you the flexibility of getting the extra money paid in, back out if it is needed for something else.
Savings currently offer cash rich mortgage-holders little return, by setting these savings off against a mortgage, thousands of pounds can be saved in the long term. An offset mortgage provides the opportunity to save on interest charges and reduce the agreed mortgage term.
Such deals are flexible as access is retained to the savings balance so if circumstances change the savings can be used for another purpose.
Currently the Yorkshire Building Society offer a flexible 2 year offset mortgage for 75% LTV offered at a rate of 3.74% and a 3 year deal for 90% LTV offered at a rate of 5.19%.
If you are looking for an offset mortgage or comparison of other UK mortgage products on offer contact Deal Direct today.
