It offers a great rate and a unique level of flexibility plus the ability to offset savings, ISA and a current account against the balance of the fixed mortgage.
Key features of Intelligent Finance's new fixed offset product:
- Launching at 4.99% fixed until 1 February 2008 (then reverts to bank's offset SVR)
- Available up to 85% LTV
- Home loans from £100,000 to £500,000
- Arrangement fee of £499
- House Purchase and Re-mortgage
- Early Repayment Charges (on full redemption only) of 4% in Year 1 and 4% in Year 2
h Unlimited lump sum overpayments
Nick Robinson, Managing Director of Intelligent Finance, said: "As the bank approaches its fifth birthday since fully launching as a telephone and internet bank, it is important that we continue to evolve and develop. Debate around the Bank of England base rate continues to dominate the headlines and we know that our non-offset fixed rate product has proved popular with clients looking for a bit of stability in their mortgage payments. Brokers have indicated that there is a strong desire for a fixed offset mortgage so we are delighted to include this product within our offset range."
Nick added: "Intelligent Finance's ethos has been to provide as much flexibility to its product structures as possible so our new fixed offset launches with a unique level of flexibility in the lump sum overpayment option. There are no restrictions on the level of offset savings a client wishes to use against their mortgage and they can undertake lump sum overpayments as often as they like during the life of the mortgage with Early Repayment Charges only being payable in the event of the mortgage being fully redeemed."
Other changes to the bank's mortgage range this weekend include a repricing of its non offset fixed products in line with rising money market rates.
The new rates are as follows:
Fixed 80 – 2 year fixed period 4.79% (from 4.59%)
Fixed 80 – 3 year fixed period 4.99% (from 4.79%)
Fixed 95 – 2 year fixed period 5.09% (from 4.99%)
Fixed 95 – 3 year fixed period 5.19% (from 5.09%)
Early redemption charges on the 3 year fixed rate products will also change to 3% during the special rate period on any amount repaid.
The end dates for the bank's fixed and tracker products are also being extended from 1 December to 1 February to reflect true 2 and 3 year fixed/tracker periods.
