Advantages Attractive rates, no tie-in period. Smart mortgage.
Disadvantages The discounted rate is only 6 months - some lenders discount for longer
I recently purchased a house and wanted a good deal on my mortgage. I wanted everything - a discounted rate, cashback and also no tie-in period. The tie-in period was very important to me as I had to leave my previous mortgage lender (the Leeds & Holbeck) and they charged me over £3000 to do this because I was still within my 5 year tie-in period. I could have stayed with the Leeds & Holbeck to avoid paying this huge fee but Leeds & Holbeck would not lend me the extra money (I needed £120,000) for my new house. I decided to go to Intelligent Finance and I was very pleased to hear that they would lend me up to £140,000 - more than enough for what I needed!The deal I got from IF was 6% base rate which is lower than any other lender that I had checked up on at the time. There was a discount of 1.5% for the first 6 months. I have seen bigger discounts for longer periods but the base rates for others were higher. Also, they will refund the valuation fee upon completion and give you £200 cashback. Best of all, there is no tie-in period which means I can leave them for another lender without penalty!
The service I got from IF was nothing short of excellent. Everything was done in a simple and efficient manner and the staff were friendly. The only gripe I did have was that they were still sending correspondence to my old address???!!There is another feature of IF's mortgage which is definitely worth mentioning. This feature is called a "smart mortgage" and is a clever way of reducing mortgage payments and earning more interest at the same time! There are two features of this "smart mortgage" and they are:-
1. You can pay extra into the mortgage therbey reducing the debt quicker.
2. Any money you have in their current or savings account is offset by the amount of loan for the mortgage.
To sum up, IF offers a very attractive deal with low rates, cash back and no tie-in period. Your mortgage is reduced by the amount you have in current and savings. You pay no tax because you don't receive interest. I can certainly recommend IF. You can have your cake and eat it!!
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