Leeds launches offset mortgage

23 February 2006
Leeds Building Society has launched a new three-year fixed rate offset mortgage.

By offsetting, customers can save money on their mortgage as it allows them to pay it off faster.

Offset mortgages can also provide a higher equivalent savings rate compared to a normal investment account.

The fixed rate can also help to provide peace of mind for the customer due to its stability, allowing them to budget accordingly.

The new offset mortgage will allow savings to be kept in a separate account and customers can access them whenever they like.

As debate mounts regarding the proposed increase in the retirement age, Leeds Building Society says that the ability to pay off a mortgage earlier provides customers with significant savings and an increased disposable income for the future.

"This product keeps savings in a completely separate account so there is no need for a fundamental reorganisation of finances," said Karen Wint, Leeds spokeswoman.

"The competitive mortgage rate combined with the tax benefits offered on the savings accounts, will prove extremely popular with our customers."

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