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Intelligent Finance sets up fixed and tracker loans

Intelligent Finance is offering fixed-rate and tracker mortgages for the first time.

The HBOS subsidiary has set the fixed-rate mortgage at 5.19 per cent until July 2006 followed by a one-year discounted variable rate of 0.15 per cent below the bank&#39s standalone variable rate, currently 4.95 per cent. The tracker mortgage is set at 4.19 per cent and will track the Bank of England base rate until July 2006.

There are no extended tie-ins on either product. Intelligent Finance says it will pay its own conveyancers&#39 fees and refund the standard valuation fee for remortgages.

The products will initially be available through brokers but Intelligent Finance will be launching directly to consumers later this month.

Products and marketing director Duncan Movassaghi says: “Offset remains very much at the heart of our proposition and these two new standalone products continue the bank&#39s commitment to offering customers more choice and good value.

“The fixed rate provides borrowers, especially first-time buyers, with the peace of mind of guaranteed payments until July 2006, with the added bonus of a discount until July 2007. For customers who want to benefit from the Bank of England&#39s low base rate, the tracker offers particularly good value.”

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