All borrowers who complete on an offset mortgage with Accord Mortgages will be credited with £1,000 in their linked offset savings account.
The incentive is designed to help borrowers to reduce the amount of interest they have to pay on their mortgage, and is available for a limited time.
In addition, the intermediary-only lender, which is part of Yorkshire Building Society Group, has extended its range of offset mortgages for both house purchase and remortgage customers, including a choice home loans with no up-front fees.
Borrowers can opt for a two-year offset at either 2.14% at 75% loan-to-value (LTV), or at 2.24% at 80% LTV. Both mortgages do not have a product fee and come with free standard valuation, plus the £1,000.
For those looking to fix for longer there is a choice of five-year offsets available, including a 2.49% mortgage at 75% LTV which comes with a £995 fee.
David Robinson, Accord’s national intermediary sales manager, said: “Offsets are an appealing option for borrowers in the current low rate environment.
“An offset mortgage works by literally offsetting a borrower’s savings against their home loan, so they only pay interest on the difference. The more money a borrower has in their savings account the less interest they pay on their mortgage, enabling them to reduce monthly repayments or pay their mortgage off early.
“We wanted to give borrowers a little boost to ensure their offset account works harder for them, plus we hope it will provide brokers with an additional selling point when discussing the benefits of offset mortgage to their clients. The offer is guaranteed only for a limited period. It will definitely be available until Friday 20 January and if we can extend this, we will.”
“The offset market has been underserved over recent years, but this initiative from Accord should help re-focus brokers and customers on the product. A £1,000 deposit is a great way of making the offset work even harder for the customer, especially in such a low interest rate environment,” added Jeremy Duncombe, director of Legal & General Mortgage Club.
