Reply to: Offset Mortgage

[MarillionFan]

""Most of these accounts will not allow limited company funds to be used to offset a personal mortgage""

Its all. You cannot offset you're mortgage using company funds. IR wont let you, neither will the bank.

If you are a sole trader - then yes you can.

I have a woolwich offset, never heard of external accounts being allowed. I assume by external, you mean another woolwich account.

[BoredBloke]

"Most of these accounts will not allow limited company funds to be used to offset a personal mortgage"

I think that should be 'all'. I asked about this at the RBS and they said that you cannot do this with a ltd company - although they do get asked the question a lot.

[Lockhouse]

Most of these accounts will not allow limited company funds to be used to offset a personal mortgage, only partnerships or sole trader accounts, and those that do (if such an account even exists) will mean that you incur a "benefit in kind" charge and will end up paying extra personal tax anyway.

Stuff like this just raises a flag to the IR saying "Come and get me boys..."

[wonderwaif]

Hello,
I was wondering if anyone who knew of any companies/banks/etc that are contractor friendly when it come to offering offset mortgages. Most I seem to find only take income into account and not dividends/contractor rate. I'm running via the limited company route.
Thanks in advance.
J.

Mortgage!!??? Don't you know the housing market is doomed and you should be renting?
Do try to keep up.

[sanjaymaz]

Business Offset Account

You could try to get an offset account that offsets mortgage against money in your business accounts:

http://www.rbs.co.uk/Small_Business/...ts/default.htm

http://www.natwest.com/business02.as...T_BANKING/FAQS

http://www.ybonline.co.uk/0,,81980,00.html

[Dalek Supreme]

Don't they make interest on the mortgage?

Perhaps it's one of those Islamic mortgages where they call it an "admin fee" rather than "interest" in order to pull the wool over Allah's eyes?

Personally I don't reckon they're fooling him for a minute but then again perhaps not living in a hedge on this mortal coil is a worthwhile trade off for an afterlife of eternal hellfire with a bunch of usurers.

[MrsGoof]

Ahhhh the woolwich

I've had several issues with them, it appears that their IT sysems do not talk to each other, just like their staff.

Their is a guy here having anatomy problems with them, something about arse and elbow.

[wendigo100]

looks like they decided they are not making any money from me so just said tough we are now stopping this product.

Don't they make interest on the mortgage?

[jemrodger]

woolwich offset.

I to have offset with the woolwich and received same letter .
as I think they missold me I have asked the ombudsman to look in to my
case.looks like they decided they are not making any money from me so
just said tough we are now stopping this product.
has anyone else complained to them.

[londonjames]

Hi
I looked at using a business account to offset a personal mortgage but this is only allow outside Ltd companies as in effect these are two seperate entities. I think if your a sole trader you can use an external link run by Natwest.
Cheers,
J.

[BoredBloke]

"Are you visiting my current client"

I think I might be. I'm handing over data to somebody at the DOH. My gravy train ends in 2 weeks so I'm going to make a start on looking for more work. I am ruling out Staines though.

[wendigo100]

"Wendigo is a dude and why he has a female avatar I can only guess!!!"

I know why but I'm not telling.

How is the gravy train going! I'm in Reading on Monday!

Hi Tony. I'm still in first class. Are you visiting my current client?

[DirtyOldMan]

He actually looks like this in real life.

[BoredBloke]

"Wendigo is a dude and why he has a female avatar I can only guess!!!"

I know why but I'm not telling.

How is the gravy train going! I'm in Reading on Monday!

[whyme]

CUK never sleeps. We always have at least two unqualified sh1te-speakers on duty.

BTW How does the external account thing work? Why do you want to swap money between different accounts?

Does that mean you could use your business account as external?