On the back of this strong demand, Intelligent Finance will be offering these two new products directly to consumers from 16 February.
The bank will be offering:
* A fixed rate mortgage at 5.19% until July 2006, followed by an additional one year discounted variable rate of 0.15% below the bank's standalone variable mortgage rate.
* A tracker rate mortgage at 4.44% (from Feb 20), guaranteed to track the Bank of England's base rate until July 2006
Duncan Movassaghi, Products and Marketing Director said: "We knew from feedback pre-launch that intermediaries were looking for a wider choice to run alongside our offset mortgage and judging from the business flowing through the doors we're meeting that demand. We're now delighted to offer these great new products to direct customers.
"Offset still remains very much at the heart of Intelligent Finance's proposition and these two new standalone products continue the bank's commitment to offering customers more choice and good value.
"The fixed rate will provide borrowers, especially first-time buyers, with the peace of mind of guaranteed payments until July 2006 and with the added bonus of a discount until July 2007. For those customers who wish to benefit from the Bank of England's base rate, the tracker offers particularly good value."
There are no extended tie-ins or compulsory insurance requirements on either mortgage, which are available over the phone to new Intelligent Finance customers including first time buyers, home movers and re-mortgage customers.
On re-mortgages, Intelligent Finance pays its own conveyancers' fees and refunds the standard valuation fee. After the fixed/discount and tracker periods end, borrowers choosing these products will pay Intelligent Finance's standalone variable mortgage rate – 5.20% from February 20.
