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.”
