Borrowers have been offered a new range of offset mortgage products by Leeds Building Society, starting from 5.49 per cent.
Director of sales and marketing Kim Rebecchi remarked that offsetting can help debtors save money on their mortgages, which allows them “to pay it off quicker”.
She also noted that savings will be kept in a separate account, removing the need for a “fundamental reorganisation of finances”, with customers given “unlimited access to them at any time”.
Furthermore, clients will be able to access mortgage funding with a 15 per cent deposit, as well as be provided with fee-assisted options for those in need of help with upfront costs, services that Ms Rebecchi expects to be popular with those who have smaller deposits and wish to remain flexible with their savings.
Meanwhile, it recently emerged that Halifax and Bank of Scotland have increased their charges for accounts with arranged overdrafts of less than £2,500, to rest at £1 a day.
By Sarah Adie