Heading up the changes is the launch of an Offset Tracker 90. This has no arrangement fee and will launch at a rate of 5.64 per cent. Designed to track at 0.39 per cent above the Bank of England base rate until 1 September 2009, it is available for both house purchase and remortgage clients on mortgages of £25,000 and above to a maximum loan-to-value (LTV) of 90 per cent. The mortgage incurs early repayment charges of 4 per cent, in the event of full redemption only, during the two-year special rate period.
Cammy Amaira, head of sales at Intelligent Finance, said: "With a great deal of discussion in the industry around fees at the moment, we are delighted to launch this product which offers the best of both worlds - a low rate and no fee. This is a fantastic product and combined with our revised mortgage range, brokers will have the ultimate in mortgage choice and flexibility to meet their clients needs."
The bank is also launching two three-year discounted offset lifetime trackers; the first has a rate of 5.44 per cent up to 75 per cent LTV and the second has a rate of 5.59 per cent up to 90 per cent LTV. Both are available for house purchase and remortgage clients with an early repayment charge of 4 per cent applying in the event of full redemption only in the initial three-year discount period.
As part of changes the bank is introducing a two-year non-offset fixed mortgage with an initial rate of 6.34 per cent up to 90 per cent LTV with no arrangement fee. This product is only available for both house purchases and remortgage clients with an early repayment charge of 4 per cent applying on the amount repaid in the initial discount period.
