Uncle Offered to Finance My Mortgage!

mel19632

Check with a tax advisor re tax implications - i think your uncle would be taxable on his personal loan at a beneficial loan rate (was 6.5% i think, may be lower now) - check HMRC website.

Lunar_Eclipse

dimbo61 wrote: »

your uncle has an offset account in his name ( which only HE has access to ) and offsets a big portion of your mortgage.

Banks understandably won't allow that, sorry. An offset account in joint names with the Uncle would however an option. Have been through this scenario to see if my parents could help us out with our offset mortgage. In the end, the risk to my parents was too high, without them having a formal claim to the property.

dimbo61

Wrong wrong wrong
It is allowed and I know it is
Check on the YBS website
Family can offset your mortgage and what risk !!!

getmore4less

Lunar_Eclipse wrote: »

Banks understandably won't allow that, sorry. An offset account in joint names with the Uncle would however an option. Have been through this scenario to see if my parents could help us out with our offset mortgage. In the end, the risk to my parents was too high, without them having a formal claim to the property.

I don't see there is any problem for the having offset funds ring fenced.

Barclays used to allow any account to be offset, not sure if they still do, the offset accounts do not have to be in joint names we have our own accounts in single names offsetting our joint mortgage account

dimbo61

Its called OFFSET PLUS and family and friends can have up to two accounts offsetting your mortgage
Please see the YBS offset mortgage guide
Like I said its SIMPLE