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Building societies target offset mortgages

Two building societies are challenging the growing offset mortgage market with new products hitting the market this week from Norwich & Peterborough and Coventry.

N&P says it is the first building society to link a current account with mortgage and savings accounts, while Coventry&#39s product offsets savings against borrowings.

N&P group product manager Gary Lacey says: “Everyone who has been warned that their endowment policy may not repay their mortgage debt should use this as a way to avoid a shortfall.”

Coventry operations director David Stewart says: “The combination of having a flexible mortgage, earning effectively tax-free interest n your savings, and reducing the total amount you repay, is making people think seriously about the real benefits this type of mortgage can bring.”

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