Offset Mortgages

getmore4less

If you get 100% offset then look at the monthly savers they are the idea place for the money since they tend to offer the best rates even after tax.

You could set one up for your dad and use these as a way to pay him back.

scope

With Barclays you can offset other peoples accounts aswell, provided they agree..

getmore4less

scope wrote: »

With Barclays you can offset other peoples accounts aswell, provided they agree..

Are you sure this is still possible?

I know this was possible when we took ours out but I thought they stopped it.

One thing when we took the offset the offset accounts needed to be on the same sort code(they may have fixed that now).

dimbo61

I would look at the YBS offset mortgage and open an account in your dads name ( offset plus) and thank dad every month with a nice meal out !
This will mean that Dad has his money in his name and your sisters/brothers will see that you have not taken dads money while saving interest each month.
Dad can take money out each month to fill an ISA or regular savers while the mortgage balance drops each month.

dimbo61

PS I have an offset mortgage with YBS and dad has an offset plus account against my mortgage along with our own savings account.
This has worked well for the last 4 years as my dad has access to his money when he needs it!
This has also saved me a huge amount of interest which means we have cleared a big part of the mortgage

Shaun19660_1

I thought i'd update the situation on this. I've had a mortgage offer for a £61k capital repayment. The next dilema is what to do with my Endowement. So that people don't trawl through previous posts, i will start a new one on this subject.

Thanks for all of your suggestions - all the points have been taken on board and will/have been considered.

neil9313

Gorgeous_George wrote: »

You cannot offset more than you owe.

I think evading costs (and making poorer people like me pay instead) is wrong.

GG

Strange post :rolleyes:

Gorgeous_George

neil9313 wrote: »

Strange post :rolleyes:

Which bit?

If the first, AFAIAA you cannot offset more than you owe.

If the latter, at post #3 the OP said

Part of the reason for this is to get the savings out of his name and possibly prevent or avoid them being used, if he has to go into care

... which suggested to me that the OP would prefer the taxpayer to pay for his father's care, should he need it.

GG