IF to offer non offset tracker with no ERCs

Intelligent Finance has announced a non-offset tracker mortgage with no early repayment charges (ERCs).

Intelligent Finance is also changing the way it calculates ERCs on all other non-offset tracker products in the range. ERCs will be charged on full redemption of the mortgage balance only during the discount period.

Mark Parker, managing director of Intelligent Finance, said: “Moneyfacts recently revealed that mortgage exit charges have seen an average increase of almost 400 per cent in the last ten years.

“Intelligent Finance’s ethos is to provide flexibility and choice for our customers. The new treatment of ERCs on our non-offset tracker range ensures that these products now offer the ultimate in flexibility for customers.

Research by Intelligent Finance revealed that 27 per cent of borrowers failed to take into account the impact of ERCs when buying a mortgage.

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