MSE News: Barclays to buy ING Direct UK: How it affects you

Former_MSE_Helen

"Barclays is to buy Dutch bank ING Direct's UK savings and mortgages business, it has been announced today ..."

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Barclays to buy ING Direct UK: How it affects you

ohit

Nice. So Barclays can then offload mortgages to the UK government through BoE's July asset purchase announcement. I suspect ING were not able to do this as it was under the Dutch regulator.

No complaints from me, just observation. I would expect lower rates and higher acceptances for mortgages going forward (as the BoE is essentially funding it out of their high quality laser printers).

CBA_Caption

This news definitely raises concerns for me. I am currently on an ING base-rate tracker for the life of the Mortgage, which is currently very efficient!

However, I have little confidence that the terms will be honoured by Barclays (Woolwich) when the transfer is made. Do we have any recourse to force Barclays to accept the current terms I have agreed? Or can the alter with impunity? Al the ING website says is that nothing will change immediatey, but eventually you will be transferred to an eqivilant Barclays product. I can see them having anything anywhere near as good as my current mortgage.

Keeping fingers-crossed the deal falls through.

CBA

undrop79

Great for any ING savers out there I guess due to the protection they now have on their savings.

Perhaps Barclays should concentrate more on sorting out their current problems though rather than looking into mergers and aquisitions. Whenever there is a banking scandal announced, they're at the forefront of it and are currently under investigation due to numerous dodgy dealings.

Shouldn't they be made to focus on resolving these outstanding issues first?

jimjames

CBA_Caption wrote: »

This news definitely raises concerns for me. I am currently on an ING base-rate tracker for the life of the Mortgage, which is currently very efficient!

However, I have little confidence that the terms will be honoured by Barclays (Woolwich) when the transfer is made. Do we have any recourse to force Barclays to accept the current terms I have agreed? Or can the alter with impunity? Al the ING website says is that nothing will change immediatey, but eventually you will be transferred to an eqivilant Barclays product. I can see them having anything anywhere near as good as my current mortgage.

Keeping fingers-crossed the deal falls through.

CBA

I seem to recall that Woolwich had a lot of base rate trackers so I imagine you aren't alone. If your deal was x% above base then I'd expect that had to be maintained even on a Barclays product.

ClashCityRocker_2

I wonder how long it will be before ING's current interest rates drop like a stone in line with Barclays savings interest rates.

spot_of_tiffin

I don't like the vagueness of this. There are no Barclays mortgage products within a mile of my current ING one.

Makes me wonder what comparable means to them.

spot_of_tiffin

I rang ING and I was told any life time products will be honoured for the lifetime.

So, fingers crossed.

Dorotheen

I have had an ING Direct instant access saver account for a number of years and have no complaint with their service. Barclays, with all its recent underhandedness, doesn't please me and its interest rates haven't been very competitive. We shall see what the future holds under Barclays ownership.

Jeddy

spot_of_tiffin wrote: »

I rang ING and I was told any life time products will be honoured for the lifetime.

So, fingers crossed.

That's hopefully good news, but I'd be happier if it came from Barclays who would be the ones honouring any such promise. I guess we can do nothing but wait and see.

cos_2

I thought ING were selling up because the Dutch government required them to pay back the billions they received in 2008 bailouts. Today's email from them seems to imply otherwise

We wanted to let you know directly that it has been announced that ING Direct N.V has entered into an agreement with Barclays to acquire ING Direct UK’s savings and mortgage business.

This decision is a result of ING Group’s continued evaluation of its portfolio of businesses, in line with its stated objectives of sharpening its focus and streamlining the group. It is expected that the actual transfer of ING Direct UK’s savings and mortgage business will take place during the second quarter of 2013.

ING Direct UK is a good fit with Barclays existing UK Retail Banking Business that looks after more than 15 million personal and 700,000 business customers in the UK. With a network of around 1600 branches in the UK, customers can bank in person, over the phone, online and through mobile applications. Barclays look forward to continuing to provide a secure home for your savings and/or mortgage in the future.

There will be no immediate effect on the services you currently receive