Intelligent Finance Mortgage

ellie27

We have a variable tracker mortgage (1%!!!) with intelligent finance.

We still have around £90,000 on the mortgage. We could be mortgage-free as we do have around £90,000 in savings - between ISA's, Santander 123 and Flexdirect accounts, but while they are getting interest rates of 3-5% then it would be silly to pay off the mortgage - please correct me if thats not right!!!

We are looking to move home, and will need a much bigger mortgage, around £200,000.

Does anyone know if we can take this lovely mortgage with us? We are guessing not, since IF no longer do mortgages for new customers.

OH is going to phone up tomorrow to find out any options, but thought I would ask on here!

Thanks!

B811sd1

I had exactly the same question today and called them. Sadly, you cannot transfer your existing mortgage if you intend to buy a new house.
It seems your only option is to leave IF and find a new lender.

Thrugelmir

ellie27 wrote: »

We still have around £90,000 on the mortgage. We could be mortgage-free as we do have around £90,000 in savings - between ISA's, Santander 123 and Flexdirect accounts, but while they are getting interest rates of 3-5% then it would be silly to pay off the mortgage - please correct me if thats not right!!!

We are looking to move home, and will need a much bigger mortgage, around £200,000.

Personally I would sit tight and continue to save along with building equity. Rather than double the mortgage in size and pay a far higher rate of interest.

dimbo61

Can you afford a £200K mortgage?
If yes then please consider carefully a 5/7/10 year fix for security as this would scare me to bits
There are a number of very good fixed rate mortgage deals if 75% LTV or better at less than 3%.
If you can save ( Think £90K) then consider offset mortgages as well
Good Luck

ellie27

I would love to just sit tight and continue to save while our interest rate is so low on the mortgage - it is 0.94%! However, our daughter is due to start school next year and we do want to move to another area with better schools.

jonte7

Yes, you should be able to transfer your existing mortgage to a new property. We did this 13 months ago, and as far as I know their policy hasn't changed. Further to this, I think it is part of the T&C of the product.

Apologies, just seen your original question was posted in May, hope you've been able to transfer the mortgage since then?

ethank

Check the IF website, they definitely are not doing any further advances or changes.

27th November 2013 - Changes to IF Mortgages

Customers will be receiving written notification of the following changes between 27th November and 17th December:-

What is changing?
A recent review of products and processes has resulted in our making the difficult decision to stop accepting applications for further advances or changes to your mortgage deal.

What does this mean for you?
From 11th April 2014 you will no longer be able to apply for additional borrowing by way of a further advance or make changes to your mortgage deal, for example switching to a new fixed rate.


Please be assured that your existing mortgage will continue to work as it does now, for example your ability to offset, and any pre-agreed or built-up reserves will be unaffected. For further information around general mortgage account features please visit our website on www.if.com.
I realise that our decision may now cause you to wonder whether your IF mortgage will continue to meet your needs in the future. Unfortunately, we cannot give you any advice about this but you may want to contact an Independent Financial Adviser. Alternatively free, unbiased, independent advice on mortgages is available from the Money Advice Service at www.moneyadviceservice.org.uk.


If you decide to repay your existing IF mortgage then we will not charge you any Early Repayment Charges that may apply.


You do not need to take any action as a result of these changes, however, if you have any questions please contact us on 0845 609 4343.
For more information on these changes, please refer to our Questions and Answers.