ING Direct Mortgages - Flexible Variable Rate?

The one account is very expensive and it's difficult to think of a situation where it would save money - maybe if you had 10's of thousands of pounds going in and out of the account every few days.
The rate you give for ING sounds reasonable - I think that was the one I was considering but decided to pay it off instead.
No charges and proper on-line access to the account sounds like it doesn't have a downside.
Have a look at discount and fixed rate as they may allow a 10% per annum overpayment but maybe at the expense of charges. Do some calculations with how much you are considering overpaying.
The only thing you might regret is not fixing the rate if the intrest rate goes up by a lot.

Can't see moving to ING from the one account being a mistake.
A quick calculation may be wrong
On a 100000 mortgage you will be saving 1310 interest per year which would be equivalent to paying 20000 off the one account - and remember you could still hold that money in the ING account.

I've just received a formal mortgage offer from INGDirect for a new purchase of a house. From start to finish it has taken one week - application submitted on 7/2, valuation took place on 12/2, mortgage approved 14/2! I was very surprised as I'd heard stories about delays from the forum and was a bit apprehensive to start off with. I like the fact that you can track the progress of each step online and have access to any documents straight away before they arrive in the post. Fingers crossed that the rest of the transaction (searches etc) will go so smoothly!

I have and (moving mine from Coventry BS to ING) have found ING very efficient and fast. Their Online systems are uncomplicated and you can simply track the whole process, i.e. when we sent back proof of earnings and ID the following day it was ticked off the list (in our account) as completed. It was the same with valuation etc. very easy. I was finishing a 5 year fix and was not happy with the extortionate fee to keep a customer (in good standing) at Coventry (I had no other issues with them other that costs).
It also suited me to change to a non fixed mortgage. ING say the rate will be no more than 0.9% above bank rate and it changes 1st of the month after change base rate change. That had not happened as of today 5.14% (5.3% APR) The thing about this mortgage is it so uncomplicated. No fees, leave when u want, over pay and still very good rates.
Although this may go up soon to reflect the recent bank rate rise would make it 6.15% which I am still happy with considering its flexablility Vis-à-vis the alternative products, companies and options out there!

Also see here http://forums.moneysavingexpert.com/showthread.html?t=364350

Jeannine wrote:

Gosh DoshSaver, I'm in a very similar situation to you... My 2 year deal with the Coventry ends at the end of March, and I have still not heard from them about which deal they will offer me. I have gone as far as I can with ING Direct without committing myself as I thought I should see what Coventry have to offer. I've been with Coventry for 4 years but I can't see how they'll beat ING. It's just the thought that ING will put up their rate next month...but how much!!? Decisions, decisions......

Jeannine, you have exacly the same issues I had. I kept asking Coventry BS to let me know what their best offer was that they could make me, and when? Considering I was a 5 year, GOOD customer etc. I asked why they had to charge me so much to stay (ie whole fee for new mortgage) given they had no remortgage charges in Valuation or Solicitors fees which they offer to pay up to £650. They dont seem to want to retain customers (I asked to speak to the retentions officer, "who was the reply,they dont have one".
They just kept saying "nearer the date". Thats not good enough, I would have been stuffed if they only offer a limited time for me to decided.
My mortgage ends at the end of April but wanted some confidence in having some choices and they just would not give me a date that they would inform me any product other than what was available to new customers... ignoring my request for some product for current customers that was competitive and reflected the fact I was in good standing and had to make decisions!