ING Direct Mortgages...Where's the catch?

Lib_3

Yes I tried them recently. After more than a month I'm still waiting for a Mortgage offer. I have had a steady drip drip of documentation requirements placed before me each more ridiculous than the previous one (I'm employed, clean credit history, plenty of equity cushion, mortgage well within income multiple - you might have thought just the sort of customer they might want) - so it looks like as they have come in to this new, they appear not to be sure about what they are doing procedure wise..

jamiestoddart

just rang ing up, looks good, the only downfall is paying £495 arrangement fee upfront but the chap told me the would be no other penalties after the 2 year fixed period if i wanted to move my mortage to someone else...

is this true??

elDeeJay

Seems like it.

Having never done a mortgage, let alone one online, how difficult is it? Any how do you prove to them your earnings, do you have to post wage slips out to them or something?

boy_3

The rate seems competitive for a 2 year fixed. Though, I am worried about their handling as well. Have just started dealing with them and they are very unsure about the sort of documentations and all. I am in 'Lib''s position as well.
Anybody who has comepleted with them (juliette32 or others?), please post your experience. Specially, how long did they take to offer and complete from the application itself? I am worried they are going to mess up and I won't get the money on time to complete. Really appreciate it!

CraigDavid

Last month I decided to go for their 2 year fixed rate at 4.95%. Since applying online I have found them excellent and cannot fault anything so far. They keep you informed by email and you can track the application progress online. My application was made 18/12/06 and I am just nearing completion. Overall I'm very impressed with the service.

boy_3

Craig, could you please post dates here if possible? I like their online system. It's the people I am worried about. Their UK based call center people seem to move you around as they don't assign a single contact for you. Also, people have problems identifying the required step in the process. You need to tell them all.

When you say you are nearing completion, what do you have as the latest from ING? Offer? 18/12 to now and completing already? I doubt it. Are you an FTB?

nwmark

elDeeJay,

Its is a very good deal and probably one of the best 2yr fixed around atm, but its not miles better than the rest so not really so much of a bargain to be suspisous, the others im looking at are

Yorkshire BS - 2yr fixed at 4.99%
Yorkshire BS - 5yr fixed at 5.09%

the others were from nationwide but ive just noticed their rates have increased so arent as good anymore, currently at

Nationwide - 2yr fixed £499 fee - 5.08%
Nationwide - 2yr fixed £799 fee - 4.94%

Mark

super_star_2

This thread interests me...my 2 year fixed deal with the Nationwide expires in Feb. Does anyone know if they charge any fees for moving to a different lender?

Also with the ING mortgage can anyone confirm if there will be any fees moving mortgage once the 2 year fixed deal expires?

Has anyone read the T&C's of the ING mortgage. Can anyone shed any light on the following:

"32.9 We can do any of the following without telling you beforehand.
a Settle all insurance claims on reasonable terms.
b Receive all money paid out under the insurance policy and use it either to reduce the loan or to repair the loss
or damage which caused the money to be paid.
32.10 You must hold any money that you receive under any insurance of the property on trust for us. If we ask,
you must then pay that money to us."


Plus this from section 1.3C:

"You must pay all our legal, valuation and other fees before we make the loan, whether or not you decide
to finally go ahead with the loan."

I thought the legal and valuation fee's were free and that you only have to pay for £495???

Thanks

AndyC111

Slightly off topic I know but for anyone that is looking at the ING 2 year fixed you might also want to consider the current HSBC offer. They are doing 5 years fixed at 5.17% with no fee (due to there january sale) and free legal and valuation fees if you are remortgaging. The rate is a bit higher but you save on the fee.

juliette32

For us they issued first an agreement in principle, that was done over 2 weeks or so and I had to send twice documents to the UW department. Application was made on the 21-Nov and mortgage offer was issued on the 06-Dec. I will complete at the begining of March.
At the time I thought it took a little bit too long, but looking back it wasn't so bad. They were quick in instructing a valuation and asking my current lender for mortgage value. I thought people were ok, very helpful, you could track the progress online as well.
I thought faxing over the documents needed would have been much quicker and effective but they don't have a fax available for this.
Anyway, if anybody needs more details please feel free to ask.