Manchester launches 2.99% offset mortgage
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Manchester Building Society has launched a 2.99% offset discount product.
The initial 2.99% interest rate includes a discount of 1% for two years from its newly established offset managed variable rate of 3.99%.
The product also has an arrangement fee of £495 that is only payable on completion.
David Cowie, chief executive of Manchester Building Society, says: “This is the society’s first entry into the market for offset mortgages, which is a product type that is of increasing interest to consumers.
“Unlike most other offset products we allow mortgages of up to 80% LTV, rather than 75% LTV or less, with the added attraction that both the initial 2.99% discounted interest rate and the 3.99% reversionary rate are highly competitive.”
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