Intelligent Finance and ERCs

Welshlassie

Following Martins article on asking your mortgage provider for a discount on your fixed rate I thought I'd have a go and went to get the current offerings to new customers. However have found out that IF are no longer offering mortgages, so have called my IFA to ask what the possiblity would be of IF waiving the ERC and releasing us from our mortgage. He says unlikley but having read through a number of threads on here with people says the the likes of NR are doing this, thought it might be a possiblity.

What are your thoughts? Why has IF withdrawn lending? Is it because they have funding issues and would therefore be glad of mortgage being redeemed?

opinions4u

Welshlassie wrote: »

Following Martins article on asking your mortgage provider for a discount on your fixed rate I thought I'd have a go and went to get the current offerings to new customers. However have found out that IF are no longer offering mortgages, so have called my IFA to ask what the possiblity would be of IF waiving the ERC and releasing us from our mortgage. He says unlikley but having read through a number of threads on here with people says the the likes of NR are doing this, thought it might be a possiblity.

You can ask, I don't think you'll succeed.

Why has IF withdrawn lending?

Because HBOS was taken over by Lloyds who are cutting costs. They can still lend via Halifax, Lloyds, C&G and BM brands and don't need to maintain processing staff in a niche brand that has probably attracted relatively low volumes of applications in recent years.