Intelligent Finance, anyone renewed a mortgage with them recently?

monkeyboy72

Hi - I currently have an IF offset mortgage and was wondering if anyone who has a mortgage with them has recently taken out a new mortgage, preferably to move house.

I understand from some literature they sent me this is possible but there is nothing on the website which shows any deals etc they are offering, seems the only way to find out is to call and then probably be bamboozled with figures.

Anyone had any success with this?, thanks

Ivana_Tinkle

I'll be really interested to see any replies to this. We also have an IF offset mortgage and have been trying to get some sense out of IF as to whether we can port it when we move house. We're being told wildly different things every time we phone them - one person told us that no way could we port the mortgage but that we could have a new mortgage with no limit at all on the amount(!), another said that we could port it but couldn't borrow any extra, and a third person said that not only could we not port it but that he couldn't give me any idea at all of how much we could borrow with them or arrange any kind of mortgage in principle until we'd found a house and paid for a survey.

holly_hobby

As far as I am aware they are closed to new mortgage business.

Hope this helps

Holly

monkeyboy72

When you say 'new' mortgage business then yes they are closed to this, but I was mainly asking people who already have a mortgage with them and what there experiences have been in obtaining another, thanks

Thrugelmir

Posted on the IF website yesterday.

15th February – Important changes to your mortgage

You may be aware that we'd planned to make some changes to our mortgages.
We're pleased to let you know we can now offer all the features associated with your mortgage. Subject to our lending policy at the time of your request, you'll be able to;
Apply for additional borrowing on your mortgage
Switch your existing mortgage to another Intelligent Finance mortgage product
Take your mortgage with you if you move home – regardless of whether you increase your loan amount or not
Apply for a house purchase mortgage if you move home
As a result, there's no longer a requirement for the alternative arrangements and mortgage products that gave you the option to move to a new mortgage with another brand within Lloyds Banking Group. Therefore these will no longer be available.
We'd like to assure you that there will be no change to your mortgage or the way you manage your plan. So if you also have a current account, savings or any other products in your plan these will continue to be serviced in exactly the same way. And don't forget Intelligent Finance will also continue offering a great range of savings products to new and existing customers.
For more information on the changes above, please see the below Questions and Answers.
QUESTIONS AND ANSWERS
Can I still apply for one of the alternative products with Scottish Widows Bank or Halifax?
No. As a result of our change in strategy there's no longer a requirement for these products.
Can I come back to Intelligent Finance if I have transferred to one of the alternative mortgage products with Scottish Widows Bank or Halifax?
No. You'll be unable to do this as you no longer have an Intelligent Finance mortgage. You can only submit an application if you currently hold an Intelligent Finance mortgage.
Can I come back to Intelligent Finance if I'm in the process of transferring my mortgage, but I'm not moving to one of the alternative mortgage products?
Yes. If you still hold a mortgage with Intelligent Finance, you can submit a new mortgage application, however, you will be subject to our normal lending criteria.
Can I come back to Intelligent Finance if I've already transferred my mortgage, but I've not moved to one of the alternative mortgage products?
No. You'll be unable to do this as you no longer have an Intelligent Finance mortgage. You can only submit an application if you currently hold an Intelligent Finance mortgage.
Can I use the pre-agreed reserve available on my mortgage?
Yes, you can still drawdown your pre-agreed reserve while it's available on your mortgage.
Can I continue to use the built-up reserve feature of my mortgage?
Yes, there is no change to this feature of your mortgage and you can borrow the built-up reserve at any time subject to the terms and conditions of your mortgage.
Can I continue to make overpayments on my mortgage?
Yes, you can continue to make regular or lump sum overpayments. If this results in you paying off your special rate loan early, you will incur the early repayment charge applicable on your mortgage.
Can I still take a payment holiday on my mortgage?
Yes, but it's important to note that payment holidays cannot be taken in the first six months or last three years of the mortgage. You cannot take more than two payment holidays in the same calendar year.
Can I still choose how to receive my offset benefits by changing my mortgage payment option?
Yes, there is no change to your offset options and your offset plan will continue to operate in exactly the same way.
Will there be any changes to my Intelligent Finance plan, current account, savings or personal loan products I have?
No, they will continue to be serviced in exactly the same way.
What products could be held within an Intelligent Finance plan?
The following Intelligent Finance products could be included within a plan, mortgage, offset personal loan, current account, savings account (Direct Access Savings, Intelligent Finance isaver, Cash ISA). Any other Intelligent Finance branded products are held separately from the plan e.g. credit cards and some personal loans.
Can I still add a savings jar to my plan?
Yes. Savings will be the core focus for Intelligent Finance going forward.
What happens if I am planning to move home, can I take my Intelligent Finance mortgage with me?
Yes. You can take your Intelligent Finance mortgage with you.
Can I apply for a further advance or transfer to another Intelligent Finance mortgage product?
Yes.

monkeyboy72

Thanks but that was actually from 2011 when they stated offering mortgages to existing customers again, just wondering if anyone took them up on this without having access to there new mortgage rates and charges online without actually phoning to get the rates? anyone?

shiny76

Not THAT recent but I extended my mortgage by 10% in 2010. The people I spoke to on the phone were very helpful. If you want a non-0870 type number try 0150 681 7996

It was certainly portable when I 1st took out a mortgage with them.

Thrugelmir

monkeyboy72 wrote: »

Thanks but that was actually from 2011 when they stated offering mortgages to existing customers again, just wondering if anyone took them up on this without having access to there new mortgage rates and charges online without actually phoning to get the rates? anyone?

The reason for you calling them is so they can thoroughly review each application. Then offer a rate depending on the circumstances of whether they wish to retain your business or not.

deedee71

Well I've just spoken to Intelligent Finance today who have said I can't port my mortgage to a new property. I'm currently on base + 2 % after a 3 year tracker deal.

I've been told I could have ported in the first 3 years but not now I'm on the SVR - it's not an SVR it's an extended tracker!

Has anyone else been told something different?

ETA I can't find my original mortgage offer and the t & cs on their website don't mention porting.

Is it worth asking them for a copy of the original offer?

Ivana_Tinkle

Base rate +2% is their SVR. Before all the rate cuts, it was in their t+cs that the SVR couldn't be more than 2% over the base rate, so that's what it is now.

Thrugelmir

deedee71 wrote: »

I've been told I could have ported in the first 3 years but not now I'm on the SVR - it's not an SVR it's an extended tracker!

Once the initial term term is over. Your mortgage product has defaulted onto the SVR. There's no such product as an extended tracker.

If IF don't wish to port your mortgage then there's little you can do. Except move lender.

Alternative is to save money while better rates are available on your savings and stay where you are for a while longer.