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Start saving money with offset mortgages from Leeds and Holbeck

Wed, 20 Jul 2005

Leeds &Holbeck's first offset mortgage range has been launched this week, with added benefits for those who want to be saving money.

The offset mortgage range includes a five-year fixed mortgage rate product as well as a lifetime tracker offset mortgage .

Offset mortgages allow borrowers to repay their mortgages quicker by saving interest. Offset mortgage borrowers also pay a higher savings rate than normal investment accounts.

The mortgage borrower would also be saving money in a separate savings account .

"This product keeps savings in a completely separate account so there is no need for a fundamental re-organisation of finances," commented the mortgage lender's Karen Wint, head of marketing and PR.

"The competitive mortgage rate, combined with the tax benefits offered on the savings accounts, will prove extremely popular with our customers. With the lifetime tracker offset, for example, savings earn an equivalent of 6.88 per cent for basic rate tax payers and 9.17 per cent for higher rate tax payers," she said.

The Society also noted that Adair Turner's declaration that the retirement age for UK pensions will "undoubtedly" rise because of the UK pensions crisis should give people a good incentive to start saving money .

Through paying off a mortgage earlier, people will be saving money and increase their disposable income in order to provide enough money for their retirement pension, Leeds &Holbeck noted.

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