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New cheap mortgage on the market

Date: Tue, 16 Aug 2005

A new offset mortgage that will track the Bank of England base rate for life has been launched by Yorkshire Building Society.

The offset account offers borrowers a rate set at 0.45 per cent above the current Bank of England interest rate and also allows customers unlimited overpayment options as well as no early repayment charges.

The arrangement fee for the daily calculated mortgage is £495 and means that borrowers will be able to use their savings to reduce either their mortgage repayments or the length of the home loan.

"The offset mortgage market is growing rapidly as more people become aware of how they can benefit from combining their borrowings and savings," said Rachel Court Head of Mortgages at Yorkshire Building Society said

"Like everything, different borrowers want different features and our range of offsets — tracker and fixed rates, fee assist or lower rate — shows that Yorkshire is still leading the pack in this field."

The mortgage will be available online and in via the building society's 131 branches at the start of next week.


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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.