Hinckly and Rugby has launched an offset mortgage product to allow borrowers to hold savings in a separate account against their mortgage.
The variable rate payable is 4.34%, which is capped at 0.95% above the the Bank of England base rate for the term of the mortgage. It is available on loans of up to 80% LTV, with interest calculated on a daily basis.
The mortgage is flexible allowing payment holidays, further borrowing and overpayments. There is no early repayment charge and no fees payable.