Offset with someone else's savings

Gewens

Hi,
I have been looking at changing to an offset mortgage. My parents are in the position that they could put an amount in a savings account to offset against my mortgage.
I would rather this was a separate account that only they could access, rather they them transferring it to me.
I know of a few companies that offer to link someone else's account to an offset mortgage, but does anyone know if any of the main high street lenders offer this?

LateStarter

I know Yorkshire Building Society do this, and I'm fairly sure Barclays have one also.

dimbo61

Yorkshire have " Friends and Family" which we used for over 8 years
" Thanks DAD "

Gewens

Thanks LateStarter, I knew of Yorkshire but wasn't aware Barclays done it so I will take a look in a mo.

getmore4less

AIUI Barclays dropped their family/friends offset quite a long time ago now all offset accounts need to in the name of at least one of those on the mortgage.

LateStarter

getmore4less wrote: »

AIUI Barclays dropped their family/friends offset quite a long time ago now all offset accounts need to in the name of at least one of those on the mortgage.

You made me curious, so i checked...this seems to be a newish product - Family Springboard Mortgage.

http://www.barclays.co.uk/Mortgages/FamilySpringboardMortgage/P1242627640100

getmore4less

LateStarter wrote: »

You made me curious, so i checked...this seems to be a newish product - Family Springboard Mortgage.

http://www.barclays.co.uk/Mortgages/FamilySpringboardMortgage/P1242627640100

Been around for ages

Very different to an offset. the 10% just acts as security for 3 years and gets paid interest(base+1.5%) the mortgage is a 3 year fix 2.99%

http://www.barclays.co.uk/Savings/HelpfulStart/P1242682671168

LateStarter

getmore4less wrote: »

Been around for ages

Very different to an offset. the 10% just acts as security for 3 years and gets paid interest(base+1.5%) the mortgage is a 3 year fix 2.99%

http://www.barclays.co.uk/Savings/HelpfulStart/P1242682671168

Thanks for clearing that up - I must have confused it with their previous Family Offset.

rtodie

the chelsea building society still do these.
up to 3 linked accounts.
one has to be your own,
so can have two different people on the others.
it works quite well for me

small side note: when time to refi with chelsea, their existing customer rates are less favourable than new business... just an fyi...

Slayerx

Chelsea are part of the YBS Group.

They have an offset plus which can be open by a family member.