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Offset Plus mortgage and savings from Yorkshire
Tue, 23 Aug 2005
Offset Plus, the latest product by Yorkshire, will enable family and friends to link their savings account to an offset mortgage to benefit the borrowers in question.

Borrowers using Offset Plus will be able to choose either to make net payments, freeing up cash to meet other costs, or make gross payments based on the full mortgage amount, which will result in the mortgage being paid off more cheaply and quickly.

First time buyers will find Offset Plus particularly appealing if they have parents who are willing to help their search for a mortgage but who cannot afford to part with a lump sum.

Offset Plus allows them to forfeit their savings interest , which can result in a huge financial benefit to the mortgage holder.

Offset Plus is also likely to appeal to couples that are planning a family in the future. The benefit of additional savings in the offset savings account will permit the borrower to overpay initially and then take a payment holiday when maternity leave begins. All Yorkshire mortgages allow over and under payments

Rachel Court of Yorkshire commented: "We are just doing the final systems testing on this new feature on our offset accounts and are expecting to launch in mid-September.

"The benefits of Offset Plus for borrowers are clear to see and savers don’t need to worry about linking their money to the mortgage account as they will retain full control and will be able to make withdrawals and deposits at anytime in the usual way. "

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