ING Direct Mortgages - Flexible Variable Rate?

hw456

This mortgage is really appealing. I have been scouring the market as my fixed rate is due to expire. Need to borrow more money in next 3-6 months as looking at buying apt overseas. I am not yet ready to commit to this though until I have done all my homework, so I don't want to tie myself into a fixed rate mortgage at the moment. Think I may switch over to ING for a few months whilst I sort myself out and then when I find what I want I can go elsewhere without any fees.

Anyone have any ideas if/when the increase will happen following the BOE base rate rise in Feb? Are customers kept up to date each month about their rates or do you just have to wait and see what happens?

Also, what type of documentation do you have to send off when applying for this mortgage? Is it the usual payslips/id/proof of employemnt. Do you have to send bank statements? A bit concerned about this as have been using overdraft to fund home improvements over last couple of months and don't want this to go against us when re-mortgaging. Bonus on its way in June to pay o/d off, but hopefully they wont ask for statements ;-)

angela2095

Hi, Just applied for this mortgage all they asked for was a copy of 1 payslip, no ID or anything else.

ian448

like a few other posters I applied for a re mortgage with ING on 10th FEB , within the 1st few days income had been verified along with house valuation but since then nothing.

Some have stated that the entire process took no more than 3/4 weeks the process has obviously slowed down since then probably due to the high demand.

simple_saver

as i said
extremely quick to start inc valuation within 2 days
then, slow and unhelpful

hw456

Thanks for the responses. Seriously considering moving now, even though the customer service skills might not be up to much. As long as I get a good rate on my mortgage and the bonus of having no tie in or fees, I can cope with this.

I called ING today to get an idea as to whether they were going to be increasing their rate due to rise in BOE base rate in Feb. Adviser said they don't just base their decisions on the base rate, they take other factors into account, ie admin costs, rate on savings etc. She pointed out that their rate has been held at 5.14 since last October, even though there have been 2 BOE base rate rises. She said she wasn't aware of any rise at the moment. Sounds good, I think I will be applying on line shortly!!

simple_saver

as was pointed out to me-if their rate becomes uncompetitive_ like their savings rate then with no exit fees people will vote with their feet

Jeannine

...absolutely! So, although I'm sure that their rate will go up soon, they will have to remain competitive, or people will just leave!

(I'm a week into my remortgaging with them.)

jedeye

I'm in mid-application with INGDirect for a remortgage on my property. As my 2 year fixed term ends at the end of March I took no chances and applied at the start of Feb. No problems at the start but only now there are a few issues arising.

I've just got a phone call saying that because I want to switch mortgages on the 1st April, ING can only ask Chelsea (my current provider) for the statement after this date! I told her that this isn't normal practice and you simply ask for the amount that would be outstanding on the 1st April (where I wouldn't be subject to Early redemption charges). She went away and phoned Chelsea and they said no-problem!!! I was told by this lady that 'this isn't the normal practice' etc but I don't believe her.

Am I right in thinking that most mortgage companies can provide redemption statements for dates in advance?

Regards,

jedeye

mdrandall

Can anyone confirm that there are absolutely no fees attached to the ING application? I currently have to pay £100 to the Halifax to leave so this appears to be my total outlay apart from filling in the forms.

As stated here several times, it seems too good to miss. The only potential downside is that if (when?) the base rate increases, ING will trickle theirs up too. If they become uncompetitive, people will start to leave as there are no early redemption charges. However, at that time, the market may not have the same fixed rate deals that are available now.

Jeannine

jedeye, my 2 year mortgage deal with the Coventry also ends on 31st March and Coventry provided ING with the redemption statement at least a week ago, with no problems at all. I thought that this was normal practice!

mdrandall, absolutely no charges for remortgaging...only possible exit fees etc from your current lender...