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As of 1st July 2009 Intelligent Finance no longer offers new mortgages or current account products to new customers.

Offset Demo

Here's a demo to let you see how simple offsetting really is.

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About offsetting

Offsetting can seem pretty complicated at first glance, but in reality it's very simple. Everyone wants to pay less on their mortgage, and offsetting is the easy way for you to do just that. With your Intelligent Finance mortgage, you have two options for offsetting.

With Option 1 you can use your savings to reduce the mortgage balance on which you pay interest.

If you choose not to receive interest on your savings, you pay no interest on the equivalent amount of your mortgage. This means you can save money, because the more you build up the balance in your Intelligent Finance savings jars, the less interest you pay on your mortgage.

For example if your combined credit balance is £10,000 and your mortgage balance is £100,000 – you only pay interest on £90,000 of your mortgage. And as you're not receiving interest on your credit balances, there is no tax to pay either.

It may not always be beneficial to offset if the interest rate payable on any of your savings facilities is higher than the rate for your mortgage facility.

Under Option 2 you maximise the interest earned on your Intelligent Finance savings up to the maximum debit balance of your mortgage, but get no reduction in the cost of your borrowing. The interest earned on this option is liable to tax in the normal way.

You can choose how to receive your offset benefit

The savings you make through offsetting can be used to:

  • pay your mortgage off earlier
  • reduce your monthly mortgage payments
  • reduce the amount you owe without effecting the term

Of course, we realise circumstances can change so you can switch between these mortgage payment options at any time.

What could you do to get your money working harder for you?

It's easy to benefit through offsetting. All you need to do is pay money in to your Intelligent Finance savings or current account. You don't even need to have a lot of savings to benefit.

Whether you use your account to start saving regularly or to transfer savings you have with another provider to us, it makes sense to start offsetting as soon as you can.

Remember you can also enjoy easy access to your savings, transfer funds, and view your balances online - anytime.

What are the benefits of my Intelligent Finance offset plan?

  • Reduce the cost of your mortgage by using your savings more effectively
  • Greater control and flexibility over your money
  • Simple savings products with no withdrawal restrictions
  • Overpayments can be made at any time
  • Reduce your tax liability by using your savings to offset against your mortgage
  • Choose how to receive your offset benefit – shorter term, lower payments or reduced debt

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