Deputy - Offset Mortgage

Royal29

Hi

First time Ive used this site. Very interesting.
Ive got a question hope somebody could please help.
Im a deputy for my great aunt, who I drop money of for each week. Ive got a bank account in my name which her money goes into.
Now im not sure if this is legal or not but could I use what ever money is in that account to offset my mortgage.
The bank said cant see why not, and DWP said its a personal thing, but im still not convinced.

Thanks

any advice welcome

Thrugelmir

Do you hold a power of attorney?

Ideally the money should be held in a clearly separate identifiable accounts. So that there is no question as to what the money is being used for.

Royal29

Im Deputy which I think gives me more autority than Power of attorney. Im in charge of Property & Affairs
The account is separate from everything else, it doesnt gain interest or anything just sits there, I thought I could use it to my advantage. I cant see why it wouldnt be allowed but wanted to look in to it.

Thrugelmir

Royal29 wrote: »

The account is separate from everything else, it doesnt gain interest or anything just sits there, I thought I could use it to my advantage. I cant see why it wouldnt be allowed but wanted to look in to it.

How could you offset you mortgage with it?

Royal29

Just link it my mortgage to that account, bank said I can link it to a few accounts

getmore4less

MIght depend who your mortgage is with.

With Barclays you could set up an account for just that money and offset it, so no different to the account you currently have the money in.

Just needs to be documented it is not your money or part of your estate allthough that could take time to resolve if you do "pop your clogs".

So if access is needed neither may actualy be appropritae accounts.

DVardysShadow

Royal29 wrote: »

Im Deputy which I think gives me more autority than Power of attorney. Im in charge of Property & Affairs
The account is separate from everything else, it doesnt gain interest or anything just sits there, I thought I could use it to my advantage. I cant see why it wouldnt be allowed but wanted to look in to it.

I wouldn't do it. In fact, I wouldn't have her account in my own name. The highlighted words make me completely cold about the idea

Royal29

I have to have it in my name, she doesnt have the mental capacity to look after her own finances. Social services told me to do so. She had 20k stolen from her by a carer, she was none the wiser.
If its not legal im not doing it.

DVardysShadow

Royal29 wrote: »

I have to have it in my name, she doesnt have the mental capacity to look after her own finances. Social services told me to do so. She had 20k stolen from her by a carer, she was none the wiser.
If its not legal im not doing it.

Social Services were obviously right to get you to act as a deputy. but beyond that, I would not regard them as competent to advise on how to actually run a bank account as a Deputy.

I can quite see that you have to have an account for her money, but I really don't see that it has to be in your name. And linking the account to your mortgage takes things a step too far, particularly if there is no documentation or trust deed or anything to clarify that the money belongs to your aunt. Given that money has already been taken, I would think that you need to keep things squeaky clean.

Royal29

Thanks for all your inputs.
I had a meeting with DWP who said that I need to get an account in my name so they will then put my aunties pension and benefits in it.
Ive also had to sign documentation that I will not do a runner with the money.
Im the next of kin, and the only one in my aunties will.