Old ING Direct Flexible Mortgage - Barclays takeover

opinions4u

SX633 wrote: »

Not if we can stop it happening. If enough of us object to the transfer as stated in the letter. What we need is someone to draft a standard letter.

So you succeed and force ING to keep you.

What if they then invoke any "exceptional circumstances" clause in your contract?

If Barclays can vary the rate, so can ING.

Thrugelmir

opinions4u wrote: »

So you succeed and force ING to keep you.

ING are most likely looking to exit the UK. The whole of the leasing division is being closed down.

SX633

I knew it had to be too good to last. The bankers caused all this (and I thought for a few years at least that I was doing quite well out of it, with my 1.4% interest rate) but they will always win in the end. All I can promise is, if it happens, I will take ALL my Salary fed current account, ISA and share dealing business away from Barclay's, just on principle.

Thrugelmir

SX633 wrote: »

All I can promise is, if it happens, I will take ALL my Salary fed current account, ISA and share dealing business away from Barclay's, just on principle.

For a bank of Barclays size your gesture wouldn't even register.

Possibly other lenders will follow suit if the situation does not improve. Barclays have said 2 years. If we follow Japan's recent history. Then we could have 2 decades of low interest rates......

cos_2

Thrugelmir wrote: »

Your mortgage contract (which you signed and agreed to), has an exceptional circumstances clause. This is what Barclays will invoke if they wish to amend rates on any products.

I'm confused by your assertion. I've read my mortgage contract with ING, and also their referenced "ING Direct general mortgage conditions 2006" (I took out my loan in 2007 and they sent these conditions with all my other paperwork).

There is absolutely no exceptional circumstances clause in either document. None at all.

What are you referring to?

I'm baffled, sorry

opinions4u

cos wrote: »

I'm confused by your assertion. I've read my mortgage contract with ING, and also their referenced "ING Direct general mortgage conditions 2006" (I took out my loan in 2007 and they sent these conditions with all my other paperwork).

There is absolutely no exceptional circumstances clause in either document. None at all.

What are you referring to?

I'm baffled, sorry

If it doesn't exist, they can't apply it.

If it does exist but hasn't been brought to the customer's attention at the time of agreeing the contract (i.e. is it in Key Facts?) the regulator is likely to make it very difficult for them to apply.

I'll cite Halifax having to refund £500m+ for varying their tracker SVR when their right to do so wasn't included in the Key Facts document but was in the T&Cs.

A court may see things differently to a regulator. But if it's not in the T&Cs to start with the tracker margin will not change.

cos_2

opinions4u wrote: »

If it doesn't exist, they can't apply it.

If it does exist but hasn't been brought to the customer's attention at the time of agreeing the contract (i.e. is it in Key Facts?) the regulator is likely to make it very difficult for them to apply.

I'll cite Halifax having to refund £500m+ for varying their tracker SVR when their right to do so wasn't included in the Key Facts document but was in the T&Cs.

A court may see things differently to a regulator. But if it's not in the T&Cs to start with the tracker margin will not change.

Yes, I hope that's right. I'm sure other people are posting about exceptional clauses because they think they've seen them elsewhere and are trying to be helpful.

Barclays have agreed to take on the terms that ING laid down. They've declared publicly more than once that they will honour the existing ING terms and conditions for the lifetime of each product. It's fully contractual.

ruggedtoast

Its a shame that ING are exiting the UK and leaving their customers to a complete shower like Barclays. I found ING very good to deal with, I would never in a million years choose a bank account or mortgage with Barclays, yet here I am, a Barclays customer.

I was hoping to just remortgage with ING at the end of the term so I wouldnt have to go through all the checks again, but now I'll have to leave on principle.

What a pain.

getmore4less

Barclays will have loads of customers on similar or better rates, IIRC they went as low as base+0.17%

if they change yours then they may have to change all the others.

(we are base+0.95% offset tracker)

PealRinger

Thrugelmir wrote: »

At base plus .9%. The mortgages will be loss making. So argument on commercial grounds alone to revise upwards.

..but not necessarily loss-making over the life of the mortgage.
The base rate may go up as well as down, so I think this would be a hard argument for them to win.