Type: Fixed-rate offset mortgage
Fixed term: 4.99%
Fixed rate: Until February 1, 2008
Minimum loan: 100,000
Maximum loan: Up to 85% of valuation subject to a maximum of 500,000
Income multiples: Based on affordability
Flexible features: Overpayments, underpayments, payment holidays, interest calculated daily, lump sum withdrawals, offset feature
Conditions: Free valuation and free legal fees for remortgages
Arrangement fee: 499
Redemption fee: 4% of amount repaid until February 1, 2008
Introducers fee: Refer to lender
Intelligent Finances 85 per cent fixed rate offset mortgage is available for loans of 100,000-500,000 up to a maximum of 85 per cent of valuation.
John Charcol mortgage development manager Elliot Nathan regards this deal as a competitive two-year fixed rate for an offset mortgage. He likes the fact that there are no early redemption charges for part redemption and the fees free incentives for remortgages where valuation fees are refunded and legal fees are free.
When asked what he dislikes about this deal Nathan says: The maximum loan to valuation of just 85 per cent.”
He feels competition will come from Accord Mortgages 4.99 per cent deal at 95 per cent of valuation and Coventry Building Societys deal which is also available at 95 per cent of valuation.
Suitability to market: Good
Competitiveness of rate: Good
Adviser remuneration: Good