Offset Mortgages - Intelligent Finance
Intelligent Finance (IF) is a wholly owned division of financial services giant Halifax plc. Launched in 2000, following on from Virgin's One Account, Intelligent Finance has become one of the biggest names in direct banking. They have succeeded in what they set out to do - to offer a fairer deal to their customers by helping savers to earn more from their money while paying less for money borrowed.
They offer a range of mortgages, savings and banking facilities including their offset mortgage range. There are a number of options to choose from in terms of the mortgage itself (depending on loan-to-value ratio and the level of borrowing). There are also various current accounts and savings accounts available, including an ISA, all of which can be offset against the mortgage. No limit is imposed for the amount which may offset.
Interest is then only charged on the outstanding mortgage amount taking into account any balances in the other accounts. Interest is calculated daily so even with no savings but simply a regular salary being paid into a current account, there could be a considerable saving in interest over the term of the mortgage. Balances in the different accounts are always kept separate to make it easier to keep track of the situation at all times.
Mortgages can either be set up on an interest only or repayment basis, or combination of both. Intelligent Finance will lend up to 95% of the value of a property or 90% for a re-mortgage. Accounts can be operated online or by telephone.
If you would like more information or if you would like independent advice about the best type of mortgage for you, please complete a Mortgage Enquiry Form above and we will arrange for one of our specialist mortgage advisers to contact you. Alternatively, you can call us on 0845 108 0505.
