OFFSET MORTGAGE WINS LOW-COST AWARD
Having launched in November 2000, Intelligent Finance is not yet old enough to be considered for the categories covering the cost of a mortgage over 5 or 10 years.
According to award organisers at What Mortgage magazine, most people want a lender that offers value for money over the long term and to do this they examine the cost of an £80,000 mortgage over two, five and ten years taking into account the SVR, any special offers or loyalty bonuses. In the two year category, Intelligent Finance’s mortgage worked out £360 cheaper than its nearest rival in the centralised lender category.
Grenville Turner, Chief Executive of Intelligent Finance, said: “We are highly delighted to win this award which is based on value for money. The cost has been calculated on the mortgage as a stand-alone product but if customers choose to offset their savings or current account, they can cut the cost of their mortgage even further.”
The awards organisers excluded special offer products, such as fixed, discount and capped rates, from their calculations because the huge variety of terms and conditions attached to such mortgages make it impossible to compare them in any meaningful way.