View more on these topics

IF’s spin doctors fail to convince me

I accept there’s a hint of hypocrisy here given I’ve spent many years as a corporate spin doctor, but I had to smile at Intelligent Finance’s recent email to brokers that put a positive gloss on negative news.

In a nutshell, it wants less business so it has withdrawn loads of products and hiked interest rates. But could it say this openly? Of course not, that’s not how we do business nowadays.

Its email got off to a chirpy start by reminding brokers how good offset mortgages are. How incisive. I bet there were brokers up and down the country berating themselves for not bearing this is mind. But they shouldn’t beat themselves up – this is why the firm is called Intelligent Finance.

It gets better. To make life easier for everyone, IF has simplified its product range. This hasn’t come a moment too soon.

Brokers have been at their wits’ end trying to sort out the confusing array of deals on offer. But from now on they won’t have to.

Thanks IF. No more burning the midnight oil brushing up on loan definitions and differences because the lender has kicked them into touch.

Apparently it’s consolidated its entire mortgage range into just one category – offset. This is genius. No more wrestling with the tyranny of choice for brokers or clients.

And what fortuitous timing that this should happen just as IF is reminding us that offset is the best kind of mortgage product anyway because it has lots of benefits.

There’s more. To make things even simpler, IF is also removing a few of its offset products and putting some interest rates up as well. Oh, I nearly forgot, it has also scrapped its valuation fee refunds. This is excellent news for everyone.

Thank goodness we have IF to set things straight so clearly for those of us who are a bit thick.

I just wish others in the industry would send out updates with the same candour as it has shown.

Keep up the good work IF – you’re a role model and we could all do with a laugh in these difficult times.

Recommended

Former Optoma chief in partnership talks

Andrew Seymour, former chief executive of Optoma Mortgage Services, is in talks with Connect Mortgage Group about establishing a packaging partnership.He will bring his contacts, sales team and experience to the Group’s back-office system.Seymour says: “There is a place for a company that offers brokers quality service and an experienced sub-prime sales force.”Seymour, who left […]

Mutuals see savings boom

Building societies recorded a whopping £1.35bn in savings business in February – the largest inflow the sector has seen for 11 years.Figures published by the Building Societies Association last week show that the February figure compares with £728m in the same month last year.Societies’ net receipts to cash ISAs increased by £7m in February while […]

Leading questions in a time of crisis

Lead generation companies are in the spotlight as an increasing number of desperate consumers seek advice but brokers should use them with caution, says Sally Laker

A&L unveils residential and B2L deals

Alliance & Leicester is launching residential and buy-to-let ranges from April 8.Residential products include a two-year fixed from 5.39% or from 5.84%. Also available is a three-year fixed rate from 5.69% or 5.89%.There is also a five-year fixed from 5.89% or from 6.09% and a two-year base rate tracker from 5.99% or 6.19% with remortgage […]

Newsletter

News and expert analysis straight to your inbox

Sign up