Intelligent Finance - Changes to Mortgage Deal

mrchiggles

mojo1997 wrote: »

we received the same letter prior to Christmas, but we are currently on their standard variable rate of 2.5%. I'm worried that it looks to me that in order to encourage existing mortgage customers to move on to another lender they will start putting their rates up after April.

I've called them to discuss this but the person I spoke to wasn't very helpful.

I may call them back and inquire about going onto a fixed rate or another product prior to April.

Why April?

mojo1997

mrchiggles wrote: »

Why April?

rightly or wrongly I'm under the impression that after April I will not be able to change to a fixed rate (or another mortgage product) with IF.

I do not want any additional borrowing I just want to be on a competitive rate, and all I can see happening is IF hiking all their rates to get rid of the mortgage customers that they have left.

Like I said the person I spoke to at IF wasn't very helpful, I'll call them back and see if I can speak to someone with more information.

hillcats

We have since received this same letter - as before we're not bothered by this change in the slightest. We'll sit tight on our tracker mortgage as detailed below and clear our debt asap !

ethank

If you are on an existing deal you will stay on it, but if you move to the standard rate, you will not be able to change it unless you move to another lender.

I know that many people with IF were on very good tracker rates and they will have no option but to accept a big increase in payments now.

As a result of the state aid they received from the HBOS takeover, Lloyds agreed to close down IF, sell C&G branch network, and dispose of what is now TSB to a third party.

This is why they are doing this to IF customers, and I don't think any amount of arguing with them is going to change. The EU is forcing the UK to take this action.

pcgtron

That mortgage rate is obscene. No lots of people on here talk about overpaying. I'm tied in for another 6 months at 4.99. For those people on very very low trackers. Well done for thepast few yyears but reality will start to bite if you need to move and I for one have no sympathy

james35_2

adscas wrote: »

ethank - I don't want to borrow more money, merely port the existing debt to a new property.

Me too!!! I spoke to them today and I was told that as I was on their SVR this means my mortgage is not portable but where is this stated in their T&C's???

I too wish to move house this year and I do not need to borrow anymore due to savings etc. Very frustrating.

Add me to the list if there is such

Many thanks

james35_2

adscas YHM.
Thank you

ethank

A port is treated as a new mortgage application. They are not writing new business anymore.

Frustrating I know, but I think you have no chance of being able to force this issue.