The deal works as follows. After the first five years the society will automatically lop 5 per cent off the cost of the loan. At the 10-year mark, another 5 per cent is cut, and so on until year 20, when the total cut is 30 per cent.
On a pounds 60,000 loan, this means an pounds 18,000 cut in the cost of the loan. In addition, borrowers also qualify for Britannia's loyalty points. On the same loan, the total amount of loyalty payments over 25 years would come to a further pounds 3,700.
Catches? Well, the variable rate charged is at the high end, at 8.85 per cent. But then again, you could be with the Halifax for 25 years - and you won't get an 18-grand cut. Call 0800 536350.