Barclays has claimed that the offset mortgage available from Woolwich is as competitive as many other tracker mortgages .
The Open Plan product will already join the most competitive long-term tracker mortgages available in the UK, before the offset benefits are taken into account.
Tracking at 0.39 per cent above the Bank of England base rate for the entire, Woolwich's mortgage also boasts an offset feature, whereby the borrowers' savings help to reduce the overall cost .
Andy Gray, head of mortgages for Woolwich, comments: "The latest offset mortgage means that a borrower with an average mortgage of £100,000 would only have to offset an average £4,200 to keep monthly payments as low as the best in market Woolwich lifetime tracker set at 4.92 per cent.
"However, if you can't muster that amount of savings the lifetime tracker makes absolute sense."
The offset mortgage is available at up to 80 per cent of the property's value, although a higher option is available for an increased rate of interest.
Recent figures from the Royal Institution of Chartered Surveyors revealed that mortgage prices have now risen for 11 consecutive months.
Woolwich offset mortgage highly competitive, company claims
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Woolwich offset mortgage highly competitive, company claims
Tue, 17 Oct 2006
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