Yorkshire Building Society mortgage 'popular with parents'

Date:Friday 22nd May 2009
Author: Susanna Kavka

A mortgage offering provided by the Yorkshire Building Society is proving popular among parents, the firm has claimed.

According to the lender, the Offset Plus home loan is a hit among parents who want to help their offspring get on to the property ladder.

The mortgage enables up to two friends or family members to link their savings accounts to the borrowers offset home loans.

No interest is paid to the saver, but this is made up for by the reduction in interest rates being paid by the borrower, Yorkshire claimed.

Head of mortgages and savings at the firm Chris Edwards said: "The success we are seeing with our Offset Plus account doesn't surprise me as it's a really good way to help a family member or friend with their mortgage without having to hand over large sums of money."

A mutual organisation, Yorkshire Building Society claims to have 1.9 million members and assets of £20.5 billion.