This has come in response to broker feedback and to improve choice.
Heading the changes is the launch of a new three-year offset tracker 200 mortgage which will launch at a best buy rate of 4.65 per cent. Designed to track base rate plus 0.15 per cent for three years, the mortgage is available for both house purchase and remortgage clients on mortgages of £200,000 and above with a maximum loan-to-value (LTV) of 85 per cent. This mortgage incurs Early Repayment Charges of 3 per cent, in event of full redemption only, during the three year special rate period.
Mark Parker, managing director of Intelligent Finance, said: "Our existing two year offset tracker 200 mortgage has proved extremely popular. With the launch of this new three-year discount product, we are the only lender to offer a product of this type which we believe will fill a gap in the market. With the Bank of England Base Rate remaining static once again and swap rates remaining volatile, we feel the time is right to review our range to ensure that we remain at the forefront of the market and continue to provide an enhanced range of mortgage options."
The bank is also streamlining its offset range and launching an offset product for home buyers only at a rate of 4.59 per cent up to 85 per cent LTV period. This product will track Base Rate plus 0.09 per cent until 1 September 2008. Remortgage clients are also being offered an offset tracker mortgage launching at 4.79 per cent and tracking Base Rate plus 0.29 per cent until 1 September 2008 . The product is available up to 85 per cent LTV.
Both these products incur early repayment charges of 2 per cent, in the event of full redemption only, during the two year special rate period.
A fourth offset product, with no early repayment charges, is being launched at a rate of 4.99 per cent. This product will track 0.49 per cent above the Base Rate until 1 September 2008 and is available up to 85 per cent LTV for both house purchase and remortgage.
Four products are also being introduced to Intelligent Finance's non-offset tracker range with a further four products being launched in the bank's non-offset fixed rate product range.