Newcastle Building Society has announced the launch of a new offset mortgage that does not charge any fees.
Offsetting allows mortgage holders to offset their individual savings accounts and current account savings against their mortgage.
The Newcastle offset mortgage will be pegged at 0.5 per cent above the Bank of England base rate, tracking it for the full term of the mortgage.
As part of the fee-free arrangement, legal work is provided without charge and free valuation of up to £410 is included.
Mortgage borrowers can open an unlimited number of savings accounts to offset the value of their mortgage. The savings of family members can also be used to offset mortgage interest.
"This new offset mortgage with incentives is a great addition to our competitive range of mortgage products," says Steve Urwin of the society.
He says the offset mortgage is "ideal" for mortgage borrowers who want a competitive tracker mortgage rate that is guaranteed for the lifetime of the mortgage.
"It also comes without completion or repayment fees and offers further incentives by removing legal fees and offering free valuations," Mr Urwin adds.
The maximum loan to value available on the mortgage is 85 per cent.
Fee-free offset mortgage by Newcastle
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Fee-free offset mortgage by Newcastle
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