A new Yorkshire mortgage will offer borrowers a mortgage rate that will track the Bank of England base rate for the full lifetime of the mortgage.
The tracker mortgage rate will be set at 0.45 per cent above the base rate. When this mortgage becomes available on Monday August 22nd, the mortgage rate will therefore be 4.95 per cent.
The flexible offset mortgage offers unlimited overpayments and free mortgage insurance against accident, sickness or unemployment for the first six months.
No early repayment charges apply, and interest is calculated on a daily basis.
Offsetting offers mortgage holders the opportunity to use their savings account , which is linked to their mortgage, to reduce their mortgage repayments. They could also reduce their mortgage term tax-efficiently while saving money for when they need it.
Yorkshire's Rachel Court, the head of mortgages said that the offset mortgage market is growing rapidly as more people become aware of how they can benefit from combining their borrowings and savings.
The new mortgage deal has an application fee of £495, but for borrowers that want a tracker offset mortgage without setup fees, the standard offset mortgage is still available.
This mortgage offers borrowers a fee-free deal with no application fee, 0.60 per cent cashback or free legal service and refund of valuation for remortgagers.
The standard tracker offset mortgage rate is 0.75 per cent above the Bank of England base rate for the full lifetime of the mortgage.
Saving and borrowing combined with offset mortgage
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