RBS offset ... savings in joint names, mortgage in one

karie

Hi all

I wonder if anyone could help with this.

My partner's mortgage is with RBS and he is thinking of switching it to an offset mortgage when it comes to the end of its fixed term in a few weeks. We both live in the property, but he owns it and the mortgage is solely in his name.

He has some savings which could be put into an RBS savings account and offset against the mortgage, though not a significant amount.
However, we also have a reasonable amount of joint savings, which we would like to offset against the mortgage. However, he called RBS last week to enquire and they said that the savings and the mortgage have to be in exactly the same name(s) - i.e. we can't offset our joint savings against the mortgage, without either a) putting my name on the mortgage, or b) taking my name off the savings account.

Option (a) wouldnt be our preference, and option (b) seems a bit extreme as I would be happy for the savings to offset the mortgage.

Any advice?? If we did take my name off the savings, would this cause any tax issues as it would look like I'm gifting him the money?

thanks in advance! karie

dimbo61

We have an offset mortgage with YBS and they have " friends & family"
Now my dad who is not on the mortgage has an offset account which offsets our mortgage
so we save interest on his savings against our mortgage payments so cant understand why RBS have a problem
Move lenders to YBS who have some good deals

anselld

Neither option has tax implications if you are married.
However, I agree with dimo61, there are other more flexible providers.

karie

We aren't married, just co-habiting...

Also can't really move the mortgage from RBS due to my partner recently becoming self employed, so it needs to remain with RBS...