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Intelligent Finance goes on the offset offensive

Intelligent Finance has sparked a mortgage row by claiming that rival

offset mortgage products are “poor imitations” of its own.

IF&#39s new chief executive Grenville Turner, who replaced founder Jim

Spowart in January, claims the company&#39s product is superior to other

offsets because it is the only one which lets borrowers combine their

mortgage, personal loan, credit card, current account and savings.

He says other lenders offer watered-down versions with limited

options, such as including mortgage and savings, but not all five

parts.

But rivals have hit back with The One Account saying its product is

different but not inferior. The Woolwich says its Open Plan product

offers a better deal as it tracks the Bank of England rate for the

life of the mortgage.

Market analyst John Wriglesworth says there are offsets with better

rates, such as products from Newcastle Building Society, and,

although IF offers all the “bells and whistles”, it can be too

complicated.

The One Account head of marketing Scott Mowbray says: “It may be

somewhat arrogant to say its product is better than all the others,

it is just different.”

Turner says: “Ours is the full offset product and is unique. A lot of

people are trying to do dumbed-down versions but no one else offers

all five options. Others do not have the courage to do the same and

are bringing in poor imitations.”

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