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Yorkshire is first mutual to offer an offset account

Yorkshire Building Society is claiming to be the first mutual to launch an offset account, combining borrowers&#39 mortgages and savings.

It also claims its mutual status lets it offer more competitive rates than rivals.

Yorkshire says, in contrast to most other offset accounts, its product offers fully flexible mortgage benefits, including underpayments and overpayments without penalty, daily interest calculations and drawdown facilities linked to simple savings accounts rather than current accounts.

Other benefits it lists are no minimum savings balance and no need for the account to be linked to salary.

It says it is offering higher than standard procuration fees to intermediaries selling the offset although it will not say how much as there are differing arrangements with individual brokers.

Interest on the combined mortgage and savings balance will be charged at Bank of England base rate plus 0.75 per cent for the first three years.The society says this rate is equivalent to a savings rate of 7.9 per cent for higher-rate taxpayers.

Up to three instant savings accounts can be offset against the mortgage. As an introductory offer, Yorkshire is paying 1 per cent of the initial loan as a cash bonus into the savings account.

Spokeswoman Tanya Mills says: “We have increased the usual procuration fee for brokers so everyone should receive a higher amount. Borrowers get a 1 per cent cash back, can link their savings to mortgages and get regular reviews on their account.”


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Price offers complaint service for the public

IFA Fiona Price & Partners is extending a complaint handling service for consumers who think they have been missold a policy or investment.It already provides the service to clients as part of the normal advice process but this is the first time it has been available to the general public.Consumers can pay a fixed charge […]

Good neighbours can seal a house deal, says the Woolwich

Location is the key factor for first-time buyers when choosing a home, according to a survey by the Woolwich.The second Woolwich First Time Buyers Survey of 100 people around the UK found that location clinches the sale for 39 per cent of buyers.Quiet neighbours are the top attraction for 14 per cent while 40 per […]

NU allows online term assurance

Norwich Union is launching a new service to allow IFAs to submit term assurance online. NU says the service can process applications from start to finish in around 15 minutes. It is available through its extranet site at The move comes after NU&#39s research found that 41 per cent of IFAs believe it takes […]

Rayner Spencer Mills: Why we rate the Artemis Global Growth Fund

Ken Rayner and Graham O’Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio. The Artemis Global Growth Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


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