Compare Mortgage Rates from Intelligent Finance Against the Market starting at 3.99%

Important Clarification: Intelligent Finance (IF) is no longer an active lender for new customers.

It is a division of Lloyds Banking Group, operating specifically under the Bank of Scotland brand. While it was once a major innovator in the UK mortgage market, it is now a "closed book" lender.

• New Customers: You cannot apply for a new mortgage, current account, or savings account with Intelligent Finance.

• Existing Customers: If you have an Intelligent Finance mortgage, your account is now managed through Bank of Scotland systems.

If you are currently with Intelligent Finance and would like to explore which other lenders are available, you can use our free mortgage-sourcing tool below:

About Intelligent Finance's Legacy

Launched in 2000, Intelligent Finance was a revolutionary bank. It was one of the first to champion Offset Mortgages on a mass scale.

Their unique selling point was "intelligent" banking: linking all your accounts (current, savings, and mortgage) together. Instead of earning interest on your savings (which would be taxed) and paying interest on your mortgage, the balances were "offset" against each other to reduce the mortgage interest charged.

Over time, Lloyds Banking Group (the parent company) decided to simplify its brands. As a result, Intelligent Finance was slowly wound down.

What Happened to Intelligent Finance Mortgages?

Significant changes occurred in 2023 and 2024 regarding how these mortgages are managed:

• Rebranding to Bank of Scotland: Most customer-facing systems have moved to Bank of Scotland. Intelligent Finance's own online banking portal has been closed.

• Current Accounts Closed: In late 2023, Intelligent Finance closed all its Current Accounts. If you used an IF Current Account to offset your mortgage, this facility has ended, though offset savings accounts typically remain active for offsetting purposes.

• How to Manage Your Mortgage: You can no longer log in to the old if.com website. Instead, you must register for Bank of Scotland Internet Banking or use the Bank of Scotland mobile app to view your mortgage balance and make payments.

For Existing Customers: Options & Support

If you still have a mortgage with Intelligent Finance, here is where you stand:

• Product Transfers: When your fixed or tracker rate ends, you do not have to revert to the expensive Standard Variable Rate (SVR). You are typically eligible to switch to a new deal from the Bank of Scotland product range. You can usually do this online or by phone.

• Offsetting: If you still have an offset mortgage, ensure you are keeping your savings in the designated "offset savings" pot, as the current accounts have been closed.

• Borrowing More: It is generally not possible to borrow more money (further advances) on an old Intelligent Finance plan. You would typically need to speak to Bank of Scotland about a new separate loan or a full remortgage.

Historical Pros and Cons

THis information is based on the lender's reputation when it was active.

Pros (Historical):

• Offset Innovation: It allowed borrowers to utilise every penny of their spare cash (in current and savings accounts) to reduce their mortgage interest daily.

• Tax Efficiency: By offsetting savings rather than earning interest, higher-rate taxpayers saved significant amounts of money.

Cons (Current/Legacy):

• System Migration: The move to Bank of Scotland systems has reportedly been confusing for some long-standing customers who were used to the bespoke "IF" interface.

• Loss of Current Account: The closure of the transactional current account removed a key "hub" feature that many customers used to manage their finances.

How to Apply for a Mortgage (Not Possible)

You cannot apply for a new mortgage with Intelligent Finance.

• New Customers: You should look at Bank of Scotland or Halifax (also part of Lloyds Banking Group), as these are the active brands offering similar products today.

• Existing Customers: To check your rate, switch deals, or manage your balance, you must now use the Bank of Scotland digital platforms.

If you had an Intelligent Finance mortgage and would like to explore your options, get started here to book a free, no-obligation chat with a mortgage broker who can help.