Barclays launches offset mortgage deals
Barclays has launched a range of Woolwich offset mortgages, for a limited period only.
The mortgages, which will be available until September 20, include a two-year offset tracker at 2.38% (base rate plus 1.88%) and it is available to borrowers with a 30% deposit. The arrangement fee is £1499.
A leading bank recently released statistics showing the benefits of offset mortgages. The figures estimated that borrowers earned £1.4 billion more on their savings with offset mortgages, than in their savings accounts.
Approximately 460,000 offset mortgage borrowers in the UK made a total return of £1.9 billion since 2009, compared to the £534 million made in traditional savings accounts.
Offsetting allows borrowers to put their savings into an account attached to the mortgage and this is used to reduce the amount of interest paid. This money is then accessible by calling the bank and requesting a telegraphic transfer.
September 2, 2011
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