E1 News: Intelligent Finance Customers Face Changes of Mortgage Terms

Halifax’s online arm – Intelligent Finance – which is popular among borrowers who prefer online banks has recently faced criticism for changing its offset mortgage terms. Intelligent Finance (IF), which might be called government-backed as it is owned by Halifax – member of Lloyds Banking Group – informed its customers that starting April 2010 they will no longer be able to use IF offset mortgages if they move. This will, evidently, force bank’s borrowers to switch to other lenders who offer better mortgage terms, yet, higher interest rates. IF’s borrowers, who plan to move before April 2010, will be allowed to use their offset mortgages, however, they won’t be able to borrow more money from Intelligent Finance.