Offset question. Multiple current accounts offset against same mortgage?

getmore4less

Claremac wrote: »

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.

What you get with the Barclays/Woolwich when doing a joint mortgage is



A joint mortgage account :

This works like a normal mortgage you make a payment each month.

The amount depends on what you set up, interest only/repayment then same payment/reduced payment to account for the offsetting.

Have to phone to make changes to these settings.

A joint mortgage current account :

this acts as a OD pool so the OD limit grows as you overpay.

Also known as the mortgage reserve.

You can use this to store offset funds as well

Normal accounts :

You will probably have to take a joint current account or a current account each with openplan as part of the deal.(this may have changed since we did ours).

cuurent/savings/ISA up to 12 can be offset. we only have single named accounts to offset, can't think of any reason a joint savings would not be valid, may be something to do with how the openplan stuff works. You have to decide which of the accounts are offset it is not automatic that all accounts are offset

When you login to online banking you can manage which of the accounts that are valid for offsetting are actualy offset.

For convenience we have e-savers to handle funds that are over the 100% offset since excess funds do not attract interest.

FrankinLondon_2

getmore4less wrote: »

What you get with the Barclays/Woolwich when doing a joint mortgage is

<snip.

When you login to online banking you can manage which of the accounts that are valid for offsetting are actualy offset.

This is just what I need to do.

I have a barclays offset (open plan lifetime tracker) mortgage, a barclays current account and several barclays savings accounts (called "pots").

I had assumed that both the current account and the savings accounts were all being offset against the mortgage, but I now have a strong suspicion that this is not the case. I use online banking, but I can't see any menu options that allow me to specify (or check) which accounts are being offset and which are not.

Can you point me in the right direction please ?

Frank