15th February – Important changes to your mortgage
You may be aware that we'd planned to make some changes to our mortgages.
We're pleased to let you know we can now offer all the features associated with your mortgage. Subject to our lending policy at the time of your request, you'll be able to;
- Apply for additional borrowing on your mortgage
- Switch your existing mortgage to another Intelligent Finance mortgage product
- Take your mortgage with you if you move home – regardless of whether you increase your loan amount or not
- Apply for a house purchase mortgage if you move home
As a result, there's no longer a requirement for the alternative arrangements and mortgage products that gave you the option to move to a new mortgage with another brand within Lloyds Banking Group. Therefore these will no longer be available.
We'd like to assure you that there will be no change to your mortgage or the way you manage your plan. So if you also have a current account, savings or any other products in your plan these will continue to be serviced in exactly the same way. And don't forget Intelligent Finance will also continue offering a great range of savings products to new and existing customers.
For more information on the changes above, please see the below Questions and Answers.
Can I still apply for one of the alternative products with Scottish Widows Bank or Halifax?
No. As a result of our change in strategy there's no longer a requirement for these products.
Can I come back to Intelligent Finance if I have transferred to one of the alternative mortgage products with Scottish Widows Bank or Halifax?
No. You'll be unable to do this as you no longer have an Intelligent Finance mortgage. You can only submit an application if you currently hold an Intelligent Finance mortgage.
Can I come back to Intelligent Finance if I'm in the process of transferring my mortgage, but I'm not moving to one of the alternative mortgage products?
Yes. If you still hold a mortgage with Intelligent Finance, you can submit a new mortgage application, however, you will be subject to our normal lending criteria.
Can I come back to Intelligent Finance if I've already transferred my mortgage, but I've not moved to one of the alternative mortgage products?
No. You'll be unable to do this as you no longer have an Intelligent Finance mortgage. You can only submit an application if you currently hold an Intelligent Finance mortgage.
Can I use the pre-agreed reserve available on my mortgage?
Yes, you can still drawdown your pre-agreed reserve while it's available on your mortgage.
Can I continue to use the built-up reserve feature of my mortgage?
Yes, there is no change to this feature of your mortgage and you can borrow the built-up reserve at any time subject to the terms and conditions of your mortgage.
Can I continue to make overpayments on my mortgage?
Yes, you can continue to make regular or lump sum overpayments. If this results in you paying off your special rate loan early, you will incur the early repayment charge applicable on your mortgage.
Can I still take a payment holiday on my mortgage?
Yes, but it's important to note that payment holidays cannot be taken in the first six months or last three years of the mortgage. You cannot take more than two payment holidays in the same calendar year.
Can I still choose how to receive my offset benefits by changing my mortgage payment option?
Yes, there is no change to your offset options and your offset plan will continue to operate in exactly the same way.
Will there be any changes to my Intelligent Finance plan, current account, savings or personal loan products I have?
No, they will continue to be serviced in exactly the same way.
What products could be held within an Intelligent Finance plan?
The following Intelligent Finance products could be included within a plan, mortgage, offset personal loan, current account, savings account (Direct Access Savings, Intelligent Finance isaver, Cash ISA). Any other Intelligent Finance branded products are held separately from the plan e.g. credit cards and some personal loans.
Can I still add a savings jar to my plan?
Yes. Savings will be the core focus for Intelligent Finance going forward.
What happens if I am planning to move home, can I take my Intelligent Finance mortgage with me?
Yes. You can take your Intelligent Finance mortgage with you.
Can I apply for a further advance or transfer to another Intelligent Finance mortgage product?
Yes.
Back to top