Yorkshire Building Society has confirmed it is developing an offset plus mortgage to help more first-time buyers into the market.
The building society said it aims to broaden its offset plus product to suit buyers with smaller deposits.
In addition, the Yorkshire said that it was also looking to enhance its offset ISA to fully maximise its tax-free efficiency.
A spokesman for Yorkshire said: “We’re currently at the discussion stage and hope to come up with a first-time buyer-friendly offset deal later this year.”
The offset plus product allows two friends or family members to link their savings accounts to the borrower’s offset mortgage.
No interest is paid to the savers, but the mortgage holder benefits from reduced monthly interest payments and a shorter mortgage term.
