Pay mortgage from two accounts...

[KrisK]

Hi Guys

Hoping someone can help, we were told our mortgage product had the ability to take out a percentage split for out payment each month ie: Me = 70%, Gf = 30% however when we went to put that in practice and have it adjust automatically without us intervening when rates change we were told we had to call up each time.

What we are looking for is an online savings account that we both can put money in, and then have our bank take out the mortgage payments from that... Ideally, the savings account wouldn't have fees and can be linked to two accounts (ING maximiser and all those ones can only link to 1 account)

Anyone use something similar? A high interest rate would be nice too!

Thanks!

 

[Bradsdad]

Hi Guys

Hoping someone can help, we were told our mortgage product had the ability to take out a percentage split for out payment each month ie: Me = 70%, Gf = 30% however when we went to put that in practice and have it adjust automatically without us intervening when rates change we were told we had to call up each time.
What we are looking for is an online savings account that we both can put money in, and then have our bank take out the mortgage payments from that... Ideally, the savings account wouldn't have fees and can be linked to two accounts (ING maximiser and all those ones can only link to 1 account)

Anyone use something similar? A high interest rate would be nice too!

Thanks!

I have never come across a lender who could apportion payments like this automatically. If rates were to increase you would receive a letter stating what your new repayments would be and the effective date. You would then need to manually change your portions.

As for the on-line account, it sounds like you would need it to be with the same institution and the savings accounts. This way you could do transfers via internet banking. To be able to do this though you would need signing authority on each others accounts or the bank would have to be able to accept written authority for yours to be linked to hers and vice verca.
There maybe an online account that would allow 2 linked accounts but I know of none.


Regards
Steve

 

[tobe]

Some of the larger banks might let you have 2 offset accounts, but then you are paying a yearly fee. It sounds like something a credit union might do...


Why dont you just have the repayment come from a transaction account or offset account in both your names with the lender that did you mortgage. Hopefully that will be fee free. Then set up 2 automatic debits into it from your respective transaction accounts to hit it a day before the mortgage gets taken out. You will still always have to adjust the money going in yourself if the repayment increases.

Put the rest of you money in a high interest account. Its annoying cash management accounts arent set up to do more than 1 job, ie pay high interest and transact, but that seems to be the custom at the moment....