L&C launches offset deal

London & Country, the leading no-fee mortgage broker, is launching an offset deal with an initial rate of just 4.69%.

Pegged at 0.19% above the Bank of England Base Rate until December 1 2007, it offers flexible features including full offset facilities. For borrowers looking to remortgage, the deal also provides a refunded valuation and free basic legal work.

The choice of offset deals has increased considerably in recent years and rates have been steadily improving. With the rate on this new deal getting much closer to standard deals, fewer savings are needed to make offsetting worthwhile.

James Cotton, mortgage specialist at L&C, says: “Traditionally, the rates on offset deals have been higher than standard rates, so borrowers have needed a considerable amount of savings to make them worthwhile. However, as the margin shrinks, more and more people can benefit from offsetting.”