Fresh look for IF

From 9 January 2005, the bank will be replacing its current 3 month discount with a two year discount period on all new offset mortgages. Intelligent Finance's offset mortgage is available up to 95% Loan to Value (LTV) on mortgages up to £500,000 with no higher lending charge and no early repayment charges. In addition, by offsetting their IF savings and/or a current account against the mortgage balance, Intelligent Finance customers could cut the total cost of their mortgage and pay off their mortgage early.

The two year discount will provide 0.46% off the bank's standard variable rate (SVR), which is currently 5.95%. This means that from 9 January, new offset mortgages taken out with Intelligent Finance will have a discount rate of 5.49% and will remain at 0.46% off the SVR until January 2007.

The product has an arrangement fee of £299 and flexible features such as overpayments or payment holidays. Intelligent Finance will pay legal fees and refund the standard valuation fee for remortgages. For mortgages from £500,001 to £1 million, this mortgage is available up to 85% LTV.

Intelligent Finance will also be extending the discount period on the bank's fixed and tracker rate mortgages from 31 January 2007 until 31 March 2007 for new customers.