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In The Loop launches 20-year fix at 4.99%

In The Loop has launched a 20-year fixed rate mortgage with Mortgage Intelligence, offering a rate of 4.99% and a 75% LTV.


The product also provides a break every five years allowing the customer to redeem without penalty in a one month window.

Brokers receive their full procuration fee every five years providing they revisit the product to assess that it still constitutes best advice for their customer in line with Treating Customer Fairly guidelines. They must also confirm that the client wants to remain on the product for another five years.

The redemption penalty reduces over the five years from 5% in year one to 1% in year five and is 0% for one month at every five year anniversary.

The arrangement fee is £999 and is added to the loan and the maximum LTV is 75%.

All cases have to be booked through MI and it is a limited tranche on a first come first served basis. The deal is available exclusively to Mortgage Intelligence appointed representatives.

Sally Laker, managing director of Mortgage Intelligence, says:“This is a great new innovative product and should prove extremely attractive to our brokers. It protects the client from interest rate rises for 20 years fixed at 4.99%, but if the client needs to exit they can do so with no penalties at each five year anniversary.

“The broker also gets a full procuration fee every time he gives advice and so enjoys a regular income but in the knowledge that the client is looked after from a TCF point of view.

“This is a modern day product, longer term security against rate increases, flexibility for changing lifestyles, but also ensuring that the broker gets paid for regularly checking their client’s needs still match the original product.”

She adds: “At last a great news story where despite the current climate new lender ITL Mortgages, headed up by Linda Will, ticks all the boxes with this exciting new deal.

“ITL has demonstrated that it is innovative, willing to try something new, and has worked so hard with Mortgage Intelligence to actually model the product so that it works for all concerned. I have tried for two years to find a lender to offer this product and for a number of different reasons no one could, that was until ITL came along.”

Linda Will, sales and marketing director at ITL Mortgages says:“It’s great to be able to develop and launch this product exactly to Sally’s specifications, especially as so many of our competitors faced problems they were unable to overcome when asked to do so. We’re particularly pleased to deepen our relationship with MI who were, of course, one of our original launch partners.”

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