Nick Robinson, Managing Director of Intelligent Finance said: "We are delighted to be able to cut our arrangement fees in an environment that has seen these fees rise by an average of 40% across the mortgage industry over the past six months. In repricing our standalone mortgage range we have also reflected the increasing cost of swap rates, which make the cost of borrowing more expensive. Our offset mortgage remains unchanged but there are plans to extend our offset mortgage product range later this year."
The changes to the three products in Intelligent Finance's standalone mortgage range are:
Product No 1: 80% Tracker Mortgage
- Arrangement fee reduced from £349 to £249
- Tracker rate changed to bank base rate + 0.14% - so will launch at 4.89%
- Tracker period end date changed from 31/03/07 to 31/05/07
- Product available up to 80% LTV
- After 31/05/07, the mortgage will move to the bank's standalone variable rate, currently 5.95% for
the remainder of the term.
- The overall cost for comparison is 6.0% APR
Product No 2: 95% Tracker Mortgage
- Arrangement fee reduced from £399 to £349
- Tracker rate changed to bank base rate + 0.49% - will launch at 5.24%
- Tracker period end date changed from 31/03/07 to 31/05/07
- Product available up to 95% LTV
- After 31/05/07, the mortgage will move to the bank's standalone variable rate, currently 5.95% for
the remainder of the term.
- The overall cost for comparison is 6.1% APR
Product No 3: 80% Fixed Rate Mortgage
- Arrangement fee reduced from £499 to £399
- Fixed rate changed to 5.15%
- End date on fixed rate period changed from 31/03/07 to 31/05/07
- After 31/05/07, the mortgage will move to the bank's standalone variable rate, currently 5.95% for the remainder of the term.
- The overall cost for comparison is 6.0% APR
All other fees, charges and product parameters remain the same.
