Offset Mortgage

[londonjames]

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.

[VectraMan]

I got some mortgage advice off Parasol financials recently, and they recommended Northern Rock who were quite happy to deal with contractors (as long as you'd been doing it for 6 months IIRC). It wasn't an offset mortgage, but you could overpay as much as you wanted and take payment holidays without penalties, which is pretty much what you want as a contractor.

[DimPrawn]

I had no problem with the One Account, but believe Nationwide has a better deal these days.

[wendigo100]

I had no problem with the One Account, but believe Nationwide has a better deal these days.

Ditto, but I don't know about Nationwide.

BTW One Account (Virgin) is not an offset account as I understand the term. It is simply a single bank account with a large overdraft facility at reasonable mortgage rates. There is no "offsetting", transferring between savings and borrowing accounts, or any of that old b0llocks.

[londonjames]

I'll look up the suggestion my problem is that I need to find:
1) an offset mortgage
2) is friendly to contractors
3) allows external accounts to link to the offset mortgage

Did have a woolwich offset together but they've written me a letter saying due to a lack of interest they've decided to remove the external offset facility!

Thanks again for the advice I didn't expect anything back till Monday!

[wendigo100]

I'll look up the suggestion my problem is that I need to find:
1) an offset mortgage
2) is friendly to contractors
3) allows external accounts to link to the offset mortgage

Did have a woolwich offset together but they've written me a letter saying due to a lack of interest they've decided to remove the external offset facility!

Thanks again for the advice I didn't expect anything back till Monday!

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?

[londonjames]

The external account facility works by reducing the interest you pay on the mortgage by havng someone else (in my case my father) account linked to the mortgage. He doesn't receive any interest on this account but fortunately for me it helps me out as the interest they charge me equals: mortgage amount less my savings less my external savings accounts.

Thanks again

Did anyone else mention you look like that property location location woman!

[Chico]

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

[The Lone Gunman]

You will find a link hereabouts to contractor money. They will give you advcie and try to find you a mortgage that suits.

[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?