Re-Mortgage with ING Direct? Are they Safe?

krishijones

Coming to an end of our mortgage and looking at the fixed rates and found ING Direct are currently the best offering 3.75% with £0 fees for 3 years fixed deal.

But never done any business or seen any of their branches before. Found that they are online bank. Are they safe? Do I get the same service from the government if the bank goes bust?! Am I covered by the govt in that case as I would have if I had mortgage with another bank?

Our details:
House Valuation: £165,000
Remaining mortgage: £105,000
Mortage ends: 31st August 2011
Best deal so far: ING Direct @ 3.75 % with No fees costing £24,092.03 for 3 years.

kingstreet

They are lending you their money, so you shouldn't be as concerned as if you were giving them yours!

ING stands for Internationale Nederlanden Group. This is the bank which bought Barings after Mr Leeson's depredations in the Far East.

http://en.wikipedia.org/wiki/ING_Group

ING is regulated in Holland but has some limited regulation by the FSA. ING is as good as any other mortgage lender operating in the UK, in my opinion.

In choosing a lender, you have two choices. If you seek advice from an independent or whole market broker, the broker will be responsible for the advice he gives in recommending a particular lender and product. If you go direct, you do not receive advice and accept responsibility for the decision you make on the lender and product.

Whole market brokers will normally only recommend products which pay them a commission. An independent broker will look at commission paying and direct to lender products and work on a fee basis and if there is a commission payment, that may be rebated to you at completion.