Universal launches offset product

With market-leading rates, Universal’s new discount Offset account is an excellent way for homeowners to save money on their mortgages. Linking their mortgage to a savings account allows borrowers to save interest on their mortgage rather than earn it on their savings, thus saving money and reducing the term of their mortgage.

An initial rate of 5.00% PA and daily interest means this competitive mortgage is a flexible way to save money. This initial rate is discounted by 1.79% from Universal’s standard variable rate, which is guaranteed for the first year. This will be followed by a 1% discount from the Society’s standard variable rate for the life of the loan.

The Universal Offset mortgage account also offers daily interest, up to 90% loan to value, and use of Universal’s new Fasttrac re-mortgage transfer service, making it a great mortgage deal.

Kevin Robinson, Universal’s chief executive, said: “There has been huge demand for our first Offset product – a base rate tracker - and we’ve responded to this with another market-leading mortgage and savings package that offers great value to our customers.

“We are experiencing record lending levels at present thanks to the value for money we offer borrowers.”