Wipe years from your mortgage with IF (Intelligent Finance)

Member Name: richt2000

Product:	Intelligent Finance
Date:	05/09/02 (622 review reads)
Rating:

Advantages: Easy to transfer, Saves you money, Saves you money

Disadvantages: No physical bank presence in the high street

We switched to IF about 18 months ago in our old house. We had found that our ISA mortgage was not living up to expectations and would not cover the full payments on the mrtgage after 25 years.

We wanted a straight repayment mortgage, with daily interest linked to our current account. At the time, there weren't many leaders that provided this sort of service and we investigated the couple ( virgin one etc ) and decided on IF as it seemed the best option ( short fixed rate period, free survey etc ).

Our transfer to IF was 100% faultless, most of it was done over the phone in a couple of short phone calls to their 0800 number. We signed the documents, provided them with our proof of ID and they arranged a valuation on our house.

They also wrote to all of the direct debit holders I have so that they could switch over to the new current account I have. The mortgage was created and my current account has transfered as promised.

The mortgage is simple to pay, you can pay extra at ANY time and NO cost. The more money you have in your current account, the less interest you pay.

At one point recently, I was lucky enough to have a large amount of money in my account, this reduced my interest payments dramatically, so much so that I think I've taken 7 months of the term of the mortgage without paying any extra.

We have been so impressed with IF, that when we moved house, we got a new IF mortgage. The old one was transferred to the new one seamlessly and I continue to save money and shorten the term of my mortgage just by being paid every month. I estimate I will save at least £10k over the term of this new mortgage by having the daily interest and current account link. The final advantage is that because you earn no interest on your savings, you pay NO tax on the savings.

I have recommended IF to all my friends and so far, 3 have changed their mortgages over to IF and are experiencing the same good custom
er service and lack of problems.

The IF internet banking is easy to use and can do all of the standad bill payments, direct debits etc with the added advantage that you can just click one button and send money to your mortgage as an extra payment. Even if its £50, it still will save loads of money in 25 years time.

The only downside I can think of is the lack of a physical presence oin the high street. This never bothered me as the banks are always shut when I'm around anyway.

In Summary, what are you waiting for ?

If you don't have a current account mortgage

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