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27th November 2013 - IF Product changes - Q&As - Intelligent Finance

Q Why are we making these changes?

New mortgage rules will be coming into effect across the UK mortgage market in April 2014 which will change the way some of our mortgage processes operate. We will be making changes to some of our Intelligent Finance mortgage processes in order to comply with the new rules, however, unfortunately we are unable to extend these changes to our further advance and change mortgage deal processes. Consequently, these services are being withdrawn in advance of the new rules taking effect.

Q What is a change in a mortgage deal?

Where you wish to change the current interest rate payable. If the current rate on your mortgage for example is on a Tracker rate and you would like to change to a fixed rate for 3 years.

Q Can I apply for a further advance before the 11th April?

Yes, Call 0345 609 4343, further advance lines are open 09:00 to 18:00 Monday to Friday and 09:00 to 13:00 on Saturday. However, applications for further lending cannot be made after the 11th April 2014.

Q What if my further advance application has not completed by 11th April?

Providing your application has been received by 11th April, your further advance application will be processed subject to our current lending policy.

Q If I require a further advance after the 11th April what should I do?

Further advances are no longer available after the 11th April, we would advise contacting an Independent Mortgage Advisor who will be able to advise you.

Q What do I do if I want to change my product after the 11th April?

We would advise contacting an Independent Mortgage Advisor who will be able to advise you on your complete mortgage needs and recommend potential alternatives.

Q Can I use the built up reserve feature of my mortgage after the 11th April?

Yes, the terms and conditions of your existing built up reserves are not affected by these changes.

Q Can I use the pre-agreed reserve available on my mortgage after the 11th April?

Providing the pre-agreed reserve is already in place on your mortgage, this will continue under the terms and conditions previously agreed and is not affected by these changes.

Q What happens to my other product holdings?

Other product holdings will not be impacted by these changes.

Q What if I want to keep my Offset mortgage?

Your mortgage will continue to operate in accordance with your terms and conditions. Your offset functionality is not impacted by these changes.

Q What happens to the other features of my mortgage?

All other features of your mortgage, such as over-payments and payment holidays, will continue to operate under the terms and conditions previously agreed.

Q Under what circumstances will we waive the Early Redemption Charge (ERC)?

No early redemption charge will be applied when the mortgage is fully redeemed from Intelligent Finance.

Q I cannot find an answer to my query, who can I contact?

Call 0345 609 4343, customer service lines are open 08:00 to 20:00 Monday to Friday, 08:00 to 18:00 on Saturday and 09:00 to 18:00 on Sunday.

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