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

CRAIGEMMA

Mortgage customers
If you have an ING Direct UK mortgage, your rate will remain the same as it is now until the end of any fixed term period and if you are on a variable rate it will only change in line with changes in the Bank of England Base Rate. You will still be able to switch to a different mortgage product, move your existing mortgage to a new property if you move home, and apply for extra advances (subject to lending policy at the time of your application and the terms and conditions that apply to your account).


LATEST UPDATE ON ING SITE - think were sorted!!!!

CBA_Caption

Looks promising.

So if I read that correctly, although "In time Barclays will move all accounts to equivalent Barclays products" suggests a significant change. However, "If you have an ING Direct UK mortgage, your rate will remain the same as it is now" etc implies the 'new' Barclays product will just be a re-branding of the current mortgages everyone has.

Right?

CBA

bobthedambuilder

I've just logged on to my ING Direct account for the first time in a couple of weeks, and it's now showing as Barclays Direct. I guess this means that the FSA compensation limit is now also down to Barclays (for what it's worth).

CRAIGEMMA

I spoke to them on the phone and they said the only change to the mortgages will be the way the account works which I suppose they quote word for word on their site. By this they mean the functions, phone, online, 0800 to 0845, underpayments or payment holidays cancelled potentially (just my own opinion as he was careful what he would say and would not guess). The rate COULD change if they wanted it to but he said the stall has been set out with the comment re the rates not changing (which they left alone when doing the standard life transfer)

CRAIGEMMA

Your covered for £85000 in total mate.

CRAIGEMMA

CBA - It might be worth printing out that page from their site for future reference - I have done so!:beer:

Thrugelmir

Once the fixed term product ends you are the mercy of any lender, As the SVR can be set at any rate they wish.

The lender to whom I believe you are referring had to break their rate promise. As the overall the financial position was heading towards being critical. The Directors are duty bound by law to operate the lender in a solvent manner. Nationwide are much firmer based.

alanq

It seems that Barclays are working to kill off the ING brand as quickly as possible. I had thought that as with Woolwich there would be a period of adjustment. Although, AFAIK, there are supposed to be no changes for existing accounts (FSCS apart) no new savings or mortgage accounts are being opened.

Thrugelmir

alanq wrote: »

It seems that Barclays are working to kill off the ING brand as quickly as possible. I had thought that as with Woolwich there would be a period of adjustment. Although, AFAIK, there are supposed to be no changes for existing accounts (FSCS apart) no new savings or mortgage accounts are being opened.

ING still very much exists on the Continent. So there would be a timescale in which Barclays must rebrand.

CBA_Caption

Craig,

A wise move! Printed and put somewhere safe.

CBQ