Offset question. Multiple current accounts offset against same mortgage?

Lister_2

Hi all,

Been pondering an offset account, but the missus and I keep our day to day finances separate, with joint savings.

Do offset mortgages allow you to have more than one "current account" offset against the same mortgage? I know in reality all the money is in the same pot but it would simplify matters a great deal if we could still manage them as if we had a current account each.

Cheers,
Lister

scope

Might depend on the bank, but you certainly can with Barclays/Woolwich.. You can even offset your friends accounts, if you want to (and have their permission )

tinkerbell84

I have an offset with first direct. Got 2 current accounts and 5 savings accounts offset against the mortgage. Only thing is that the accounts can only be in the mortgage holders' names (either singly or joint).

Mutton_Geoff

I'm with Barclays/Woolwich. You can open several accounts (they call them "pots") and link them to your offset mortgage except they won't offset a joint account you may have with them. I know from experience when they allowed me to leave nearly £200k in an account that wasn't offsetting for several days without telling me!

jack*tigger

We have an offset with C&G and have a number of LLoydsTSB accounts offset against it. Some in joint names some in just one name !

chivers1977

With Woolwich mortgages from Barclays, you can offset up to 12 accounts and of them being 4 current accounts. You can link sole accounts to joint mtg but not joint accounts to sole mortgage

Claremac

Feeling particularly thick here but can I just clarify this. Will be taking an offset tracker mortgage with the Woolwich. The mortgage is in joint names and we would want one current account and some (not sure how many) savings accounts in joint names and ISAs in sole names, all to be offset against the mortgage. Will this be OK? Thanks.

chivers1977

That's absolutely fine!

Lister_2

Cool, that sounds good.

Many thanks for the advice guys

Claremac

Many thanks, Chivers, that's set my mind at rest.

wharty

I am with natwest and i know for sure you can have at least 3 first reserve savings accounts offset against the mortgage.