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Yorkshire offers Rapid route to mortgage repayment

Yorkshire Bank claims its new current account mortgage could potentially save borrowers a total of £180bn in interest repayments.

The bank says the product can reduce the mortgage term by crediting repayments as soon as they are made.

It plans to launch Rapid Repay on June 28 and claims to be the first lender to offer a current account mortgage on the high street.

Most mortgage repayments are debited from accounts monthly. This means that from the time salaries are paid in until the mortgage payment goes out, a sizeable sum of money is left sitting in the account earning little or no interest.

According to the bank, the average UK homeowner has an outstanding balance on their standard repayment loan of £45,000 with 15 years left to run. It claims switching to Rapid Repay would save £16,499 in interest and cut the remaining term in half. It calculates the saving if all existing accounts switched would be over £180bn.

Head of retail financial services Paul Fegan says: “This offers clients the chance to make huge savings and free them-selves from a traditional mortgage commitment years sooner than they thought possible.”


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