ING ok or not?

DoshSaver

Jeannine wrote:

DoshSaver, how long did the whole process take from start to finish? My current mortage deal finishes at the end of March (I didn't start the remortaging process sooner as I was waiting to hear from them). Do you think IngDirect can do it in just over 4 weeks??? I too certainly think their online system is great but I cannot get through on the phone - 20 mins wait time is quoted...:rolleyes:

23rd Jan I signed on and completed the application and got an “Agreement in principle” incl. credit check.

Chose to leave it for a while and consider my otptions because I don’t actually need it until end of April.

6th Feb decided I would go ahead. From there on in its been fine, when I have sent back details of ID and Salary etc it was on their system as ticked i.e. complete the day they received the post. However, I have not need to press them as I have plenty of time but others on this msg board have indicated it competed in 3 or 4 weeks in some instances.

spike9

I misread the significance of the no more than .9% above base. At 5.14 it is excellent but as someone has said this is sure to go up but by how much is the question !. I'm still not sure whether to go with this or stick with Nationwide at .01 % below base for 2 years with £499 fee. Anyone know if NW might reduce the fee a bit if I say I am swithering on the ING deal ?

Takecareofthepennies

Spike -

I don't think Nationwide have any discretion on the product fee. Maybe somebody who's in the know could comment.

With the ING deal, you are, of course, at their mercy to an extent. However, even 6.15 % (i.e. current BoE base + 0.9 %) looks a lot better than many other standard variable rates (e.g. Nationwide's 6.74 %). In my view, ING should be of particular interest to those who owe less than £100k - £130k and/or have less than 8 - 10 years left on their mortgage as with ever-increasing application fees the advantage of fixed or discounted rates is eaten up by the upfront fee plus possible exit fees. There comes a point in your mortgage life when switching every other year or so simply doesn't make sense any longer and you need to look for a good lifetime tracker for the remainder.

cheveleyaprkpaul

I completed my application Jan 18th and completed Feb 6th. Under 4 weeks!

Jeannine

Thanks!! Submitted my application yesterday so I'll let you know how I get on...

Couldn't bear paying high arrangement fees so the ING Direct deal seems good even if they do raise the rate shortly.

Poundcounter

I've been looking into this ING mortgage myself. The current low rate is obviously a temporary "loss-leader" to gain market share (ING being new to the mortgage market) and will obviously increase, but when and by how much?

The worse that can happen is that it increases to 0.9% above base rate, but since there are no penalties for leaving the mortgage one assumes that ING would test the water rather gingerly, step by step, to see how high they can go before borrower inertia gives way to flight (a similar scenario to their savings account which is slipping behind).

On the plus side, set up costs are negligible (basic survey fee of £170 is refundable), so I'm inclined to start off with them but switch if they push the rate too far.

I like the idea of doing it all on-line, but it seems that brokers don't get a look-in on this one. Whole of market brokers ought in principle to consider recommending it but can one realistically expect that when there's no fee for them?

angela2095

I submitted my application too, I to will let you know how I get on.

Jeannine

Well, no fees at all for remortgaging....

Takecareofthepennies

Jeannine wrote:

Well, no fees at all for remortgaging....

If only all lenders worked that way! Comparing would be a lot easier.

Poundcounter

I've gone ahead with my mortgage application to ING. In the course of considering it, I've rung their call centre 3 times and in one case I got the impression that the person handling my call wasn't really competent to deal with my queries. It may pay to double or triple check any points that aren't clear, since you can't rely 100% on the information given. I guess you get what you pay for. ING seem to be cutting out the middle man (the broker) so punters aren't going to get the quality of service that they would expect from brokers. Aside from that all seems OK so far.

One point worth noting is that you can get a Homebuyer's survey at a bargain price with your ING mortgage application. The refundable £170 is for a valuation survey only. If you opt instead for a Homebuyer's survey you must pay £410, but since £170 is still refundable the net cost is £240. This compares with the normal fee for a Homebuyer's survey (at least in my case, in Bristol) of £450 if bought seperately from the same surveyors (e.surv).