Letter from Intelligent Finance

System

Most people will eventually leave IF when interest rates rise, they move house or need new lending facilities etc.

The small residue will simply be transferred to another brand and IF retired.

Rufty1 wrote: »

I seem to remember a similar letter a year or so ago about the mortgage, but had the feeling they had to honour their commitment to let me have the mortgage until the end of its term - about 25 years.

moneyfoolish

prixon wrote: »

I've had the letter now so just to answer my own question (as no-one else did!) the new rates are 0.7% AER for ISaver and 0.71% AER for Cash ISA, from October 13th.


Nothing about recommending a switch to TSB though so don't know why the OP seems to have got a different letter!


P

I got the letter this morning but mine showed the new rates and told me that there were better rates elsewhere and gave TSB as an example.

steve_D_2

In the light of IF going down are there any other banks that offer a current account along with a savings account in the same 'Plan'?
My IF mortgage has just finished but I still have a current and savings

Thanks
Steve

Mr_Goodkat

Used to love Intelligent Finance, opened a current account with them shortly after they opened for business and have had Credit Card, ISA, Savings and Mortgage with them. Benefitted greatly from the offset mortgage and the really low lifetime tracker rate.


Unfortunately I sold my property I had mortgaged with them last year and had to go elsewhere when buying something else so just left with a hardly used current account retained purely for the large overdraft facility that is sat there should I need it as the rate is pretty good compared to others


Keep getting and ignoring their letters, would be interesting to know how many IF products are still out there.


At some point I am sure it will be closed down and transferred to another part of the Lloyds/BOS/Halifax portfolio (hopefully they will transfer it to a Club or Reward type account and get me pat the current restrictions...)

wolvoman

I am with IF with an offset mortgage and given I'm only paying 0.62% above base rate I hope I can stay with them for as long as possible.

Does anyone know whether they are legally obliged to continue to offer that rate regardless of whether their owners (Bank of Scotland) decide to close IF?

eskbanker

wolvoman wrote: »

I am with IF with an offset mortgage and given I'm only paying 0.62% above base rate I hope I can stay with them for as long as possible.

Does anyone know whether they are legally obliged to continue to offer that rate regardless of whether their owners (Bank of Scotland) decide to close IF?

You'd have to check the Ts & Cs to see if there are any get-out clauses but if it's a rate that's fixed for the life of the mortgage (is it?) then I'd have thought that the owners of the business would need to honour it when transferring the book elsewhere within the group.

nemo183

Thank heavens for that. I thought it was just me that didn't know IF were closing. What a perverse way of doing it.

nemo183

Heng_Leng wrote: »

Most people will eventually leave IF when interest rates rise, they move house or need new lending facilities etc.

The small residue will simply be transferred to another brand and IF retired.

I'm not sure this will happen. They can't transfer the accounts because the whole business is about the EU ruling say they must get rid of them. I think what will happen is they'll just let things run down until the economics dictate everyone must go. I can't imagine the great John McGann turning off the lights when the last customer goes.

They'll do it when it suits.