Leeds & Holbeck, which will become Leeds Building Society in September, has launched its first offset mortgage range effective immediately.
The range includes a five-year fixed-rate product as well as a lifetime tracker.
Karen Wint, head of marketing & PR said, "This product keeps savings in a completely separate account so there is no need for a fundamental re-organisation of finances. With the lifetime tracker offset, savings earn an equivalent of 6.88 per cent for basic rate tax payers and 9.17 per cent for higher rate tax payers."
Offsetting is a good way for customers to save interest on their mortgage and enable them to pay it off faster.
The head of the UK Pension Commission, Adair Turner, recently said that because of the current pension crisis the UK retirement age will certainly rise, underlining the importance of paying off a mortgage.
The offer is available through Leeds & Holbeck's branches and call centre.To read more about mortgages, click here.
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