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IF trims LTV
13 March, 2008
Intelligent Finance (IF) has reduced its maximum loan-to-value (LTV) to 90 per cent.
The move, implemented on Wednesday, was part of the lender’s wider range refresh and has been attributed to moves by other lenders to cut their maximum LTVs.
However, a spokesperson insisted that most offset business is written at much lower LTVs so it wouldn’t affect many clients.
Jennifer Raeburn, senior communications officer at Intelligent Finance, said: “This is a business as usual change to our product range and we have re-priced in response to competitor moves in the market.
"Our offset mortgage range has been slimmed down in order to focus on the specific products which we know are most relevant to our clients.
“Offsetting appeals to a specific type of customer and LTV is not as important as other areas of lending. Most of the business we write has a much lower LTV than 90 per cent.”
The product refresh also saw a jump of between 0.30 per cent and 0.45 per cent in its three-year offset trackers at 75 per cent and 90 per cent LTV.
Its one-year fixed and term tracker with ‘nil fee’ and no early repayment charges have also been withdrawn, while it has launched a three-year offset remortgage product up to 85 per cent LTV.