As of 1st July 2009 Intelligent Finance no longer offers new mortgages or current account products to new customers.
Here's a demo to let you see how simple offsetting really is.
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 can use your savings to reduce your mortgage balance – and even pay it off years earlier – by offsetting.
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.
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 open savings if you don't already have any with us). 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
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Back to top