Building society launches new account for families and friends

 

BUILDING SOCIETY LAUNCHES NEW ACCOUNT FOR FAMILIES AND FRIENDS
Article date: 26/09/2005 : 12:35:28

Yorkshire Building Society has announced that a family offset account is now available, where a person's relatives and friends can financially assist them without giving up their life savings.

The Offset Plus account is expected to be used mainly by first time buyers and it allows their mortgage to be linked with the savings of the person or people helping them out.

Savers will still have full ownership and they can continue to access their savings, although they will lose their savings interest in order to lower the borrower's mortgage payments.
However having no interest means there is no tax to pay for either the saver or the borrower.

Rachel Court, Yorkshire Building Society's head of mortgages said: "Offset Plus does not allow individuals to borrow more than they can afford, but helps to make life easier once they have taken that big step onto the housing ladder."

Yorkshire Building Society was the first building society to come up with and launch an offset account and Offset Plus is available on all of its range of offset mortgages.
 
 
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