Using tax money to lower mortagage!

quentinfarquar

I have recently become a partner in the business I have been working for the last 7 years. As a partner I am responsible for paying my own tax, twice yearly I belive. So I am looking for the best return on the tax money while i have it, off setting the mortgage seems like the best option to me. Any experience or advice, my current mortgage runs till october this year, so I would need to change product then.

phizzimum

We have an open plan mortgage with Barclays and are able to link as many accounts as we wish to offset - but only our personal accounts not the business ones. The VAT money is in a business account but my husbands tax savings are in our personal account and it does make a difference to the interest on the mortgage. Money can be moved in and out of the accounts as we wish.

I'm sure there are better flexible mortgages out there but the principle remains the same.

hope this helps