Chelsea Building Society says that around 40% of its borrowers now choose an offset product since these options were introduced across its standard mortgage range five months ago.

These borrowers are a mixture of customers who either have a lump sum to offset their mortgage loan or who want to start saving regularly and appreciate the flexibility offset can give.

Jemma Smith, Chelsea product manager, said: “Chelsea Building Society is the only lender to offer offset alternatives across its full mortgage range