Yorkshire Building Society has increased its market share for offset mortgages, according to Moneyfacts.
The mutual is the latest High Street provider of offset mortgages and now accounts for one in 10 new offset products nationally.
Yorkshire Building Society offers an offset version on all products across its wide range of mortgages, usually priced at 0.2 percentage points higher than the non-offset equivalent mortgage.
Offset mortgages among the Yorkshire’s current range include a two year fixed rate deal at 1.89% and a five year fixed rate deal at 2.64%. Each of these is available up to 65% LTV (loan to value).
“While mortgage rates are at their current historic lows we have been finding borrowers are keen to pay down debt where possible,” said Yorkshire Building Society product manager Brendan Gilligan.
“All our mortgages allow for overpayment each year up to 10% of the loan amount without penalty, which is great if you have the money available and are able to tie it up in your mortgage.
“Offset gives you a similar benefit in terms of bringing down your monthly repayments, or reducing your mortgage term, but with the added flexibility of retaining instant access to your savings should you need them later.
“We have been providing offset mortgages for more than a decade but many people still think the product is complicated or they need a lot in savings to make a difference, when neither is true.
“Depositing as little as £50 per month in your offset savings account can add up to a significant cost saving on the mortgage and there is no limit on how much can be saved.”