Goodbye Intelligent Finance

boswalox

I've just received notification that IF are going to close the current account linked to our offset mortgage.  I do think it's a cheek not offering anything back of the original arrangement fee (£1k) or waiving mortgage closure fees (albeit small).  Over the years Lloyds have significantly materially changed the original product not just the removal of the current account.  Many of the features shown in the product literature are no longer offered.  Convenient for Lloyds to reduce the offering rather than simply moving customers to an offset mortgage within the Lloyds family.

wmb194

boswalox said:

I've just received notification that IF are going to close the current account linked to our offset mortgage.  I do think it's a cheek not offering anything back of the original arrangement fee (£1k) or waiving mortgage closure fees (albeit small).  Over the years Lloyds have significantly materially changed the original product not just the removal of the current account.  Many of the features shown in the product literature are no longer offered.  Convenient for Lloyds to reduce the offering rather than simply moving customers to an offset mortgage within the Lloyds family.

How many years are we talking about? What do the terms and conditions say? Correct me if I’m wrong but I don’t think Lloyds or Halifax offer new offset mortgages.

boswalox

wmb194, I think Scottish Widows (part of Lloyds) does provide one not sure of features.  I'll take a look through the IF T's and C's it just feels unfair that features can be gradually stripped (it's not just the current account which has gone) from the advertised product.   I had options when I took out the mortgage and picked based on a mix of features and price.  Lloyds have now removed those features.

_wishful_thinker

I received same letter today, but from what I read the mortage and savings accounts can stay open, or you can open a savings account which offsets against the mortgage. I will need to check, but I am assuming I will need to pay into my mortgage jar from another bank, it can't come from the savings jar. I think there is a compensation payment of £100 for thse actions. If this is all correct, I am ok with this as I was only concerned with being able to offset the mortgage, I don't use the current account apart from making the mortgage payment.

wolvoman

I received the same letter today about my IF mortgage.
My compensation is much more than £100 but I can’t figure out why.

_wishful_thinker

wolvoman said:

I received the same letter today about my IF mortgage.
My compensation is much more than £100 but I can’t figure out why.

I see someone else will get £500, I wonder if mine is £100 because I have not been actively using my current account/my savings account is offsetting/I have less than 2 years left on my mortgage... I am going to ask how it is calculated :-)