Scottish Widows Bank has launched a two year fixed rate offset mortgage product enabling customers to offset against a fixed rate until October 31 2008.
The option to offset was previously only available to customers on a variable, tracker or discounted product.
The rates will be 5.45 per cent for up to 95 per cent and 5.99 per cent for above 95 per cent. The Bank will be distributing an offset calculator to its IFA database of 4,500 brokers from 18 September.
Head of product development and marketing Murdo McHardy says: “With base rate movements at the back of everyone’s minds, it is important for lenders to support their customers by offering more security in their products to those that want it.
“In the current climate, this new product offering will not only provide a welcome safeguard of a fixed rate, but also the flexibility of an offset product that ensures your savings are consistently working to reduce your mortgage.”