Offset mortgage query - buying house for parent until their house is sold

TraceyJ_2

It's been a number of years since I applied for a mortgage but I'm currently trying to help my mum move closer and have a few questions which someone might be able to help with please.

My mum's house is on the market and I would hope it will sell within a year. In the meantime, we'd like to buy a house here for her with approx 55% cash and the rest on a mortgage. We have massively overpaid on our offset mortgage and have less than £1k owing. Would I be best going to our provider (Yorkshire Bank) to ask to borrow more money from the pot on our existing mortgage or seeking a new mortgage from another provider? I'm assuming (maybe incorrectly) that with YB there wouldn't be any additional fees whereas there would be with a new provider.

Are there any issues I'd need to consider in doing this?

Thanks for your help.

Thrugelmir

The savings in the offset are held in a different account. So you withdraw these at will.

The new purchase will require a mortgage in it's own right.

TraceyJ_2

Thank you. So the offset pot would only relate to our current property? I couldn't borrow those funds to use for another purchase without justification relating to our property?

Apols if this is a silly question.

Thrugelmir

The savings in the offset account are yours to withdraw at will. You can do whatever you wish with the money.

How you fund the remainder of the purchase price, and the options available to you, depend very much on your personal circumstances.

TraceyJ_2

Thanks again, there would be enough in the pot in that case for the amount we'd need. Will make an appt to see them.