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Yorkshire launches offset tracker mortgage

17 August 2005
The Yorkshire Building Society has launched a new offset tracker mortgage.

The base rate will be set at 0.45 per cent above the Bank of England's rate and will be available from August 22nd.

Currently set at 4.95 per cent, the base rate will be sensitive to the interest rate set by the Bank of England for the full term of the mortgage.

Commenting on the new product, Rachel Court, head of mortgages at Yorkshire Building Society, said: "The offset mortgage market is growing rapidly as more people become aware of how they can benefit from combining their borrowings and savings.

"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."

There is an application fee of £495 attached to the mortgage, which will also offer the benefits of unlimited overpayments and daily interest calculations.

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