Only 7% of borrowers considered an offset product when taking out their mortgage, the Yorkshire Building Society has claimed.

The mutual’s research also found that 40% of borrowers with medium or large savings balances were not offered the product as an option.

The Yorkshire’s group direct mortgage manager, Chris Smith, said: “With one in three mortgage applications at the Yorkshire being on an offset basis we are surprised that this is not mirrored throughout the market as a whole. In a bid to dispel some of the myths around offset the Yorkshire questioned key groups to find out why offset sales remain so low throughout the UK despite their significant financial benefits particularly in the current market.