Private bank Coutts has launched a new offset mortgage product.
The mortgage can be used for both residential and buy-to-let purposes and allows clients to use their deposits to offset their mortgage balance, which they are charged interest on.
The product is aimed at private individuals and non-charitable trusts as a two-year, base rate tracker mortgage, which doesn't trigger any early repayment charges for clients who wish to repay early.
James Clarry, COO and head of lending and capital management at Coutts, said: “Offset mortgages are not commonplace across the private banking industry, however, the launch of our offset select mortgage is in response to a demand from our clients who wish to make use of excess cash balances – including foreign currency deposits – to reduce the cost of their mortgage.
“It also provides a flexible solution to help support the next generation to get on to the property ladder.
“With a number of differentiating features – which makes it unique on the marketplace – the offset select mortgage gives the choice back to the client.”
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