Future of Intelligent Finance

uk_moneyspinner

Hi there!

Can anyone shed any light on the future of Intelligent Finance? It appears that it is slowly being 'run down' i.e. you are unable to open any new accounts with them. If the bank has closed its doors on new customers, and existing customers gradually leave them, it is only a matter of time before it is unviable (unless of course it already is!)

The reason I ask is that I have a very good thing going with them - my mortgage rate is 0.74% above base rate for the life of the mortgage - where else am I going to find a rate like that? What will happen if the bank disappears?

I think it is a great product too - having loads of saving jars helps me budget and they all offset my mortgage too!

Thanks!

opinions4u

It looks to me like the business is being run down.

But your mortgage T&Cs will remain in place.

So nothing for you to be concerned about.

TurnUpForTheBooks_2

uk_moneyspinner wrote: »

Hi there!

Can anyone shed any light on the future of Intelligent Finance? It appears that it is slowly being 'run down' i.e. you are unable to open any new accounts with them. If the bank has closed its doors on new customers, and existing customers gradually leave them, it is only a matter of time before it is unviable (unless of course it already is!)

The reason I ask is that I have a very good thing going with them - my mortgage rate is 0.74% above base rate for the life of the mortgage - where else am I going to find a rate like that? What will happen if the bank disappears?

I think it is a great product too - having loads of saving jars helps me budget and they all offset my mortgage too!

Thanks!

I was an IF customer too and must admit until I saw your thread, I thought they had gone. A very large number of mortgages generally are base-rate linked and of course rates like yours or mine are great while the base rate is low, but I am more concerned now not with whether my deal will last, but with how soon and how far the base rate may now rise since we have all been warned that tapering has started and the countdown in UK (using the moment we get 7% unemployment as the off) looms.