Ing Mortgage - 'bargain' Or 'beware'?

Mad_Mare

Whats their website address for more info please?

---lee---

Mad_Mare wrote: »

Whats their website address for more info please?

http://www.ingdirect.co.uk/mortgages/

Victor_Meldrew

We're trying to remortgage with ING direct - noticed they have recently put the rate up:mad:

Last week we phoned to ask if it would all go through OK at the start of April. They said everything was fine - no problems. Phoned today to find out they haven't even got a redemption from our old BS! They claim they were asked to pay £25 to get a redemption which they won't pay. Our old BS said that was rubbish and they would fax it immediately when ING requested it. Turns out ING won't do that because it's not the way they do things :mad:

They promised to phone back before 5pm tonight and guess what? They didn't. We are now paying full SV rate and I'm as mad as hell. I will phone them tomorrow and tell them where they can stick their mortgage because if there is one thing that gets me its poor customer service.

And I've now found a 3 year no-fee tracker at 5.15% so its INGs loss.

cpu

Victor_Meldrew wrote: »

And I've now found a 3 year no-fee tracker at 5.15% so its INGs loss.

Who is this with please?

Victor_Meldrew

Its with the Loughborough Building Society but there are conditions. Its for locals only with postcodes for DE, LE and NG (Leics, Derbys, Notts) with max LTV of 75%.

If you're not local then its 5.20% with £399 fee.

http://www.theloughborough.info/mortgages/index.php

MarkyMarkD

It's not a tracker, it's a discount (for what that's worth). Apart from that, it's a very good value product IMHO!

---lee---

There's also a 5% early repayment charge during the first 3 years which is a big difference from the ING product being discussed. I don't know what's going to happen in 3 weeks with the interest rates, never mind 3 years. One of my main reasons for going with ING is that I’m not tied so I can change mortgage again next week with no fees to pay. There is mention of a £30 CHAPS fee but the web page contradicts itself as it says the product is fee free, so who knows.

MarkyMarkD

If you are worried about rates changing, you should be fixing your rate now, not choosing an ING "sort of discount but we can put the rate up loads" over the Loughborough "actually a genuine discount".

A discount off a standard variable rate is a discount and it represents fair value whatever happens to interest rates in general.

When they say "fee free" I am sure that they don't actually mean you don't have to pay the £30 CHAPS fee. But in the scheme of things, I think there is more in life to worry about than a £30 CHAPS fee.

---lee---

MarkyMarkD wrote: »

If you are worried about rates changing, you should be fixing your rate now, not choosing an ING "sort of discount but we can put the rate up loads" over the Loughborough "actually a genuine discount".

Good point. I can't make my mind up at the moment, so ING is a good halfway house for me as it's still a low rate. I can't bear the idea of being tied into any product with redemption charges - it's just not flexible enough.

They can't put the rate up loads - the terms are upto .9% above the BOE base rate (I would be long gone before they got that high) and to be fair to them, they did not increase the rate on the last BEO rate rise in January, although it has increased within the last couple of weeks.

When they say "fee free" I am sure that they don't actually mean you don't have to pay the £30 CHAPS fee. But in the scheme of things, I think there is more in life to worry about than a £30 CHAPS fee.

Fee free should mean no fees at all, nice and simple so that even I can understand.

MarkyMarkD

---lee--- wrote: »

They can't put the rate up loads - the terms are upto .9% above the BOE base rate (I would be long gone before they got that high) and to be fair to them, they did not increase the rate on the last BEO rate rise in January, although it has increased within the last couple of weeks.

I think that most people would disagree. BBR+0.90% (i.e. 6.15% right now) is a pretty poor rate, whereas ING's temporarily cheap rate is very attractive. It's no different to a savings account with a short-term bonus - but where the bonus period isn't even declared up-front.