IF revises fixed rate products

Intelligent Finance will be revising its fixed rate mortgage products from Sunday.

The changes will see the withdrawal of the five-year fixed rate product, repriced two-year fixed rate products and the introduction of three year fixed rate products.

The new non-offset fixed rate range includes two products, the two year fixed 80 with 4.59% until February 1 2008, and the three year fixed 80 with 4.79% until February 1 2009. Both products are available up to 80% LTV and will revert to the bank’s standalone variable mortgage rate ,currently 5.70%, at the end of the discount period.

Other products in the range include, the two-year fixed 95 with 4.99% until February 1 2008, and the three-year fixed 95 with 5.09% until February 1 2009. Both products are available up to 95% LTV and will revert to the bank’s standalone variable mortgage rate (currently 5.70%) at the end of the discount period.

All products are available for both house purchase and remortgage. There is an arrangement fee of 499. For both two- year discounted products, there will be an early repayment fee of 3% during the discount period only. For the three-year fixed rate products, an early repayment fee of 3% will exist during years one and two of the discount period reducing to 2% during the final year of the discount period.