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Woolwich Mortgages from Barclays, part of Barclays UK Retail Banking (UKRB), has been named Best Online Mortgage Provider at the Moneyfacts Awards 2010.

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Offset mortgages stimulated a new approach to the way people have borrowed money over the last 10 years.
Andy Gray, Product Director for Mortgages and Savings at Barclays UKRB

Moneyfacts magazine, which monitors consumer banking products and services, organised the London event on Friday, 11 June to recognise excellence and innovation in the personal finance industry.

Coventry Building Society, first direct, Halifax, Northern Rock and Tipton & Coseley Building Society were also nominated in the same category.

Woolwich also received the award for Best Lender for Offset Products at the Legal & General Mortgage Club Awards.

The event, which was organised in London on the same day, recognises products that meet customer needs among UK mortgage providers. The accolade reflects the results of Legal & General’s annual survey which provides an independent analysis of the UK mortgage market.

The awards coincide with the 10th anniversary of Woolwich being the first to launch offset mortgages in the UK. This was marked on Tuesday, 1 June.

Woolwich has since saved its customers more than £1bn in mortgage interest.

Andy Gray, Product Director for Mortgages and Savings at Barclays UKRB, said: "Offset mortgages stimulated a new approach to the way people have borrowed money over the last 10 years. Previously, people treated a mortgage as a 25-year commitment. Now, people are knocking years off their mortgage, savings them masses in interest. It’s not surprising that offsetting has caught on, the concept is brilliantly simple."

“People just manage their current account, savings and mortgages separately as they have always done and in the background, all the components are added together everyday, to save people interest and pay off their mortgage earlier.”

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