Intelligent Finance - lack of intelligence

marmite0

Hi,

maybe others are aware, but I couldn't find any other news or postings about this after a bit of googling..

Anyway, I have an IF mortgage and have been thinking about remortgaging for a good while, but haven't got around to it - shame on me.
Last time I looked, I decided that on balance, I would be best to commit to one of their own products, with some tie-in.

I decided couple of days ago to phone them up and see what latest deals were..
They say: Sorry, there are NO REMORTGAGE RETENTION DEALS at the moment
I say: What does that me, you have remortgage deals listed on your website?
They say: Only for new customers moving to IF
I say: Do you mean to say that if I stay with you I am stuck on 7.25% for the forseeable future
They say: Yes, I'm afraid so. We hope to reintroduce these product, but it's a top down business decision and we don't have any more information at the moment.
I say: When did this happen?!
They say: About last week.
I say: Ok, if there's no one else I can talk to, no one else could offer me any incentive at all to keep my mortgage with you, I will have no choice but to leave to competitor e.g. Woolwich.
They say: Sorry.


I was fuming and utterly surprised at their policy. Apathy has kept me on my existing rate, now their attitude has made me walk.


Is it just me, or does this seem incredible???

cm233lh

Yes, it seems incredible. But you can't tell a retailer what their policy should be, you just take it or leave it. If you leave it you have to find someone else who can offer you something better.

If you really wanted an IF deal, couldn't you go to someone with no entry or exit fees, say ING, and then come back to IF the next day as a new customer? I guess after your experience you won't want to be doing that.

mickeypops

I'm in the same position. My IF mortgage discount deal expires next month, so I phoned to ask what new offer I could get. There's plenty available to new customers, but nothing for existing customers - they are quite happy to let me and others like me leave to join a competitor.

More fool them, I say - I'm off to the Nationwide!

luckyfool

It will be part of an overall HBOS group policy shift recently where they are going after expanding profit margins in their mortgage book rather than "market share".

sarkin

I reade in one of the mortgage magazines that HBOS have no targets next year for mortgages.

Looks like they are going to loose a lot of mortgage business if they carry on like this.

MortgageMamma

Their problem, not yours. although it is quite sad, i found your post highly amusing. I can imagine your exasperation the phone. you have to feel sorry for the staff really.