Yorkshire Offset Plus

Dubito_ergo_sum

Hi

Just got an AIP today, but the mortgage adviser i saw said its his first day back after holiday and it was visible that he was still getting back into the swing of things, so im taking what he said with a pinch of salt.

Im very interested in their Offset Plus account as i have friends who would be able to offset the full amount. The adviser said i would have no visibility of the total offset amount as the savings accounts are in their names which i understand however on the ybs website the small print indicates otherwise. So I just wanted to clarify if any of you who are using their offset plus would be able to confirm how you know what the total offset amount is ?

How often do you receive mortgage statements ?
Are they visible online ?
Can you see the breakdown interest vs capital repaid ?

Im not aware of any other lender who allows friends to offset savings but just wondering if YBS are really the only one ?

Thanks a lot

rabster

I have an Offset mortgage with the Chelsea BS (part of Yorkshire).

I have an offset savings account in my own name, and my parents have an offset plus account, both of which are linked to my mortgage. When I log into my mortgage account online I can see the current balances of both the offset and offset plus accounts. As far as I am aware these are constantly updated. Obviously I can only make transactions and withdraw money from the offset account and not the offset plus account.

There is also an overall mortgage balance shown on the account page, which shows the mortgage balance taking account of payments made and interest charged since the last annual review. Again this appears to be recalculated on a regular basis (not sure if daily or monthly). I assume that the "interest charged" figure is an actual figure and therefore takes account of the interest saved due to offsetting, although this is not explicitly stated.

Paper statements are sent out on an annual basis and show the amount of interest that you have saved by offsetting during that year.

Hope that answers all your questions. You will find a lot of negative comment on here about the Yorkshire group, but I have to say from my own experience, so far at least, I have always found them helpful and a pleasure to deal with.

Slayerx

Dubito_ergo_sum wrote: »

Hi

Just got an AIP today, but the mortgage adviser i saw said its his first day back after holiday and it was visible that he was still getting back into the swing of things, so im taking what he said with a pinch of salt.

Im very interested in their Offset Plus account as i have friends who would be able to offset the full amount. The adviser said i would have no visibility of the total offset amount as the savings accounts are in their names which i understand however on the ybs website the small print indicates otherwise. So I just wanted to clarify if any of you who are using their offset plus would be able to confirm how you know what the total offset amount is ?

How often do you receive mortgage statements ?
Are they visible online ?
Can you see the breakdown interest vs capital repaid ?

Im not aware of any other lender who allows friends to offset savings but just wondering if YBS are really the only one ?

Thanks a lot

Mortgage statement are annual and will be sent early Feb to ensure any changes to your mortgage payment which is always in March you are aware of.

amnblog

Are you saying third parties will offset their cash against your mortgage?

Dubito_ergo_sum

@ amnblog

yes, ybs allow 2 friends or family members to open savings accounts in their names and whatever they deposit in there will be offset against my mortgage, they are not living at the property or are part of the mortgage. I think its a great way to help someone. YBS call that Offset Plus, google for more details.I believe Chelsea offer a similar arrangement. Dont think anyone else does ?

amnblog

I wonder what HMRC make of that?

Dubito_ergo_sum

why do you say that ?
I trust no bank or building society would offer a product that doesnt comply with HMRC ?

rabster

Why would HMRC have an issue with it? The third party who deposits the money in the Offset Plus account earns no interest, so there is no tax to pay.

Dubito_ergo_sum

@amnblog

TSBs Lend a Hand, not an offset but again 2 friends or family can deposit money that enables a buyer to get better rates, in this case however they receive interest on their deposits, AER 2.7, gross 2.67, net 2.14, as you see tax is accounted for, so again no hmrc concerns.

Strapped

I have one, as above yes you can see the balances when you log on.