Monday, October 12, 2009
Intelligent Finance Customers Face Changes of Mortgage Terms
Halifaxâ€™s online arm â€“ Intelligent Finance â€“ 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 â€“ member of Lloyds Banking Group â€“ 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 bankâ€™s borrowers to switch to other lenders who offer better mortgage terms, yet, higher interest rates. IFâ€™s borrowers, who plan to move before April 2010, will be allowed to use their offset mortgages, however, they wonâ€™t be able to borrow more money from Intelligent Finance.