Manchester launches discounted offset

Sarah Davidson

December 2, 2011

The product carries an arrangement fee of £495 that is only payable on completion.

David Cowie, chief executive of Manchester, said: “This is the society’s first entry into the market for offset mortgages, which is a product type that is of increasing interest to consumers.

“Unlike most other offset products we allow mortgages of up to 80% loan to value rather than 75% LTV or less, with the added attraction that both the initial 2.99% discounted interest rate and the 3.99% reversionary rate are highly competitive.”

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