ING Direct Mortgages - Flexible Variable Rate?

Jeannine

Absolutely DoshSaver! Coventry are just keeping their options open - until the (likely) interest rate change next month. I think that their exit fees are about £300, but it will cost me at least that to stay with them...

A very nice lady from ING phoned yesterday to ask whether I was going to continue with my application. It's soooo tempting! What do you think ING will do with their 5.14% rate? It has to go up soon doesn't it?

DoshSaver

Jeannine, make sure you check your orignal documents as to the fee you agreed (sealing fee and deed release) mine was £95 they now try and charge £195 as you can read else where (claim back fees) I phoned them and reminded them of the original agreement, they tried to charge me £195 but I in sisted it was £95. They accepted and I got them to send me a letter confirming it for my Solicitor and to record it on their system. CHECK yours,
Saves complications at payment time!!

As to the ING increase I dont know. I thought it would have gone up on 1st Feb but I am very releaved I dont have to worry about all the complicatons of fees, overpayments exit fees etc.etc. I can cope with the very competitive % rate but the the scams we are bludgeoned with in relation to mortgages are just unbearable.

jedeye

My Chelsea mortgage is finishing at the end of March 07 and I am in the early stages of application with ING mortgages.

We can only hope that ING keeps it's savings rate at 4.75%, because it seems that this is subsidising the rate they are offering for the mortgage. Most banks and building socs have altered their savings and mortgage rates since the January rise but ING hasn't altered both. If we don't see a March rate rise then hopefully this will be the rate for the first part of the year.

The benefit is that there are no fees to exit either so less of a hurdle if they do raise the rate.

jedeye

docmarty

Considering remortgaging with ING away from current lender (Nationwide,
whose competitive edge over the others seems to have steadily crumbled
over the past few years, IMHO).

Can anyone who has remortgaged with ING shed some light on the actual
up-front costs involved. If I understand it right, ING cover the valuation
and legal fees, and there is no arrangement fee.
So (forgetting about exit fees from old lender) that leaves just fees for the
handling of deeds etc. Is that right ? If so, how much does that amount to?

I'm in Scotland, so of course the legal stuff is a little different here, but
I'd appreciate hearing figures from anywhere in the UK.

Thanks.

Monkeymia

Just got a call from ING Direct my mortgage will be up and running as of Thursday 22nd Feb

No fees paid as yet, tho' think have a £75 fee from The OneAccount for closing in first five years - not sure about Deeds fee as yet

Edit:
Also moved from 25 year term (23 years left) with OneAccount to 15 year term with ING Direct

DoshSaver

docmarty wrote:

Considering remortgaging with ING away from current lender (Nationwide,
whose competitive edge over the others seems to have steadily crumbled
over the past few years, IMHO).

Can anyone who has remortgaged with ING shed some light on the actual
up-front costs involved. If I understand it right, ING cover the valuation
and legal fees, and there is no arrangement fee.
So (forgetting about exit fees from old lender) that leaves just fees for the
handling of deeds etc. Is that right ? If so, how much does that amount to?

I'm in Scotland, so of course the legal stuff is a little different here, but
I'd appreciate hearing figures from anywhere in the UK.

Thanks.

There are none either for getting a remortgage or leaving it; period!

For NEW mortgages the Valuation cost is reimbursed on completion and there are NO OTHER COSTS.

Here is the URL for their info pack for REMORTGAGES (and MORTGAGES)
http://www.ingdirect.co.uk/mortgages/our_mortgages/download_info_pack.html

the_main_man

I too have looked at ING as first and foremost it will cost me nothing to move, apart from charges by my existing lender. I have been lazy and done nothing and now I have £62k, half on 7.44% variable, £25k on 6.89%fixed 31/3/07, The cost of leaving is now down to £12 ERC!!!. I can remortage with ING, reduce my term from 15 years to 13 years, and pay no more than now!

It seems like a very good deal, and even if rates go up, i should still be better off.

docmarty

DoshSaver wrote:

There are none either for getting a remortgage or leaving it; period!

For NEW mortgages the Valuation cost is reimbursed on completion and there are NO OTHER COSTS.

Here is the URL for their info pack for REMORTGAGES (and MORTGAGES)
http://www.ingdirect.co.uk/mortgages/our_mortgages/download_info_pack.html

Thanks DoshSaver - I hadn't appreciated just how clean a deal this
is. Still, whether to go with it depends on your view of two imponderables:
1) in the short term, whether ING would hold that rate if BE rate rises next
month,
2) in the long term, if the BE rate falls back, whether ING's policy of
what they call "consistency", ie not fiddling the rate every time BE rate
changes, would hold.

My hunch is that after the recent storm of negative publicity concerning
ING's savings product, they will not welcome setbacks to their fledgling
mortgage operation and that they would hold the 5.1% mortgage rate
even if the BE rate rises again.
But that's just my 2 cents - time will tell!

simple_saver

seemed a good no strings deal
started efficiently and then.............
all quiet. get a different person each time you ring,unable to make decisions and generally no-one chases your case.
eventually 3 weeks later refused even though well within affordability with other lenders. seems they used wrong salary figures despite pay slips and now under appeal
will probably lose our dream house if have to start again

only good thing of course is the cost is only £245 for the survey

i would be very wary and will be closing my savings accounts here too

Jeannine

Well, I decided to remortgage to ING Direct from the Coventry (which could offer nothing competitive even I've been with them for four years). Submitted application on 25th Feb and they have already done the valuation (it's done automatically by checking databases I think), received my proof of income and requested a redemption statement from Coventry. All seems to be going very smoothly so far!:j