A new three-year offset mortgage is available from Leeds Building Society.
The mortgage lender claims that the deal offers "good value" and "peace of mind", coupled with "outstanding flexibility" and "excellent" returns on savings.
Through offsetting, mortgage holders have the chance to cut the interest on their mortgage by balancing their mortgage against savings.
The new Leeds offset mortgage offers a fixed mortgage rate of 5.19 per cent and savings are kept in a separate savings account to which mortgage holders have access.
Mortgage holders could offset up to three savings accounts against their mortgage, which Leeds believes adds to the flexibility of the offer.
It also means that no "fundamental reorganisation of finances" is needed, comments the head of marketing and public relations at the mortgage lender, Karen Wint.
"The competitive mortgage rate, combined with the tax benefits offered on the savings accounts, will prove extremely popular with our customers," she predicts.
Ms Wint points out that savings for basic rate tax payers with this mortgage equate to 6.49 per cent while higher rate tax payers could earn up to 8.65 per cent.
Financial services provider Intelligent Finance claims that a third of mortgage borrowers could reap the benefits of choosing an offset mortgage.
Leeds offers offset mortgage
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Leeds offers offset mortgage
Thu, 23 Feb 2006
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