Maximising offset mortgages

[speling bee]

I wonder how Mr Yorkshire Bank Plc are Fascist Bastards is doing these days...

He's my favourite.

[NickNick]

I've not read their terms but I'm pretty sure that when it says business, it means unincorporated business. Remember that your limited company is a separate entity to you as an individual.

Yep, I understand that the business and me are separate entities, but as I couldn't get through to them yesterday I thought i'd ask here. As always, if it seems to good to be true...

Thanks though

[Pondlife]

Then I'd be Speling Bee Consulting Limited Ltd.

Better go with Speling Bee Consulting Limited Ltd. formally trading as ... to be safe. Or you could wait a couple of weeks.

[Freelancer Financials]

Just been looking today and the Clydesdale offer an offset mortgage, offset against the business accounts.
"Save on interest payments by linking your Clydesdale Bank current, savings or business accounts to your mortgage, and enjoy a discount on your interest rate for the first two years of your mortgage"

Before I call em up, has anyone used them for this? I would bet that it doesn't apply to the kind of ltd that I (and many others here) run, but you never know.

Their literature is confusing and a bit misleading. They're referring to sole traders. But I do seem to remember that you can use up to £5,000 as a directors loan. Need an accountant to confirm this though.

[Freelancer Financials]

Correct, this is not available to Ltd Co accounts which are a separate entity. More aimed at Partnerships and sole traders as I understand. The question has been posed to me many times before but sadly you cannot link Ltd Co accounts to the offset

I'm not 100% sure, maybe an accountant can confirm this but I believe your entitled to use up to £5,000.00 (Directors loan).

[speling bee]

Your absolutely right, it doesn't apply if you run a Limited Company. Their literature is confusing and a bit misleading. They're referring to sole traders.

You're

[speling bee]

I'm not 100% sure, maybe an accountant can confirm this but I believe your entitled to use up to £5,000.00 (Directors loan).

IIRC it's 10k from this year without BIK. Terms and conditions apply.

[Freelancer Financials]

You're

Thanks!!!

[Freelancer Financials]

IIRC it's 10k from this year without BIK. Terms and conditions apply.

Cheers for confirming.

[Power Mortgages Ltd]

I'm not 100% sure, maybe an accountant can confirm this but I believe your entitled to use up to £5,000.00 (Directors loan).

That wasn't really the question though. The question was can you link a Limited Company bank account to the Offset mortgage and the answer is categorically, no.

What you're implying is that it is possible to take a Director's Loan out and pay that into your personal account which would then be offset to the mortgage, which, yes (so long as T&C's are abided by - check with your Accountant) is possible I believe, but the that wasn't the question.