ING Direct to increase rate from Oct 1

KTF

This may have been posted already but I have been away on holiday for the past week.

ING Direct will increase the rate on its variable mortgage by 0.25% from October 1, despite no Bank of England base rate rise this month. The move will hit both new and existing customers who will pay 6.24% instead of 5.99%. On a £130,000 mortgage that will add £24 to monthly payments. Since ING launched its mortgage in October last year, base rate has risen by 1% but its mortgage rate has risen by 1.1%.

From: http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=424723&in_page_id=8&ito=1565

The increased rate is also showing on the ING website here: http://www.ingdirect.co.uk/mortgages/our_mortgages/remortgaging/flexible.asp

toonfish

this was inevitable, same as they did with the savings rates just get a load of folk on board and trust in apathy to keep them there - 5.92% lifetime tracker is available from Woolwich - no fees