ING Direct mortgage

Jeannine

Anyone else noticed that ING Direct no longer offer their flexible mortgage, only fixed rate deals? Their SVR now seems to be 5.89%, so I hope that applies to me as a flexible mortgage holder. (Should be no more than 0.9% above BBR - according to their promise when I took out the mortgage with them last year! )

UK007BullDog

BBR as in their rate and they can go up and down on their whim, or BOE rate which they will have to track and pass on to you?

Jeannine

From the ING Direct info pack from last year:

The ING Direct Flexible Mortgage has a simple variable rate promise – we will be less than 0.9% above the Bank of England Base Rate, with any resulting changes to our interest rate coming into effect from the 1st of the following month.

MarcD_2

If they are saying 5.89% is their current SVR I don't see how they couldn't apply it to those of us on the flexible mortgage - I didn't hold much hope of them keeping to the 0.9% promise, but it looks like they might be (for now anyway!)

hollygolgihtly

Hi,

I have also noticed the removal of the flexible mortgage on the website. I have check my original mortgage offer, which i have kept a copy of, which states that the mortgage is a

"Flexible mortgage - variable rate, which will be less than 0.9% above the BoE Base rate for the period of the loan. Effective from the 1st of the month following the change"

I haven't received anything from them regarding the change. If they don't do this or remove this promise, are they in breach and am I able to do anything about it?

Does anyone know?

Thanks

Holly

MarkyMarkD

I'm a bit disappointed by the disappearance of the flexible product, which was rapidly becoming the best short-term deal (in fact, it has probably been the best no-ties, no costs, deal for a long time).

Jeannine

No, I haven't received any notification from them yet either, but as MarcD says, if their SVR is 5.89, then it must apply to us lot with flexible mortgages! Perhaps the letter will arrive today...:rolleyes:

Jeannine

Anyone heard from ING Direct yet about rates from 1st May? Will it be 5.89% for their flexible mortgage?

lancia

I got it today, states chaning to 5.89!!

Jeannine

Excellent news! Hope to have the same when I get home!!

Phlik

Jeannine wrote: »

Excellent news! Hope to have the same when I get home!!

Haven't had the letter yet, but checked my online mortgage statment. May's payment will be at the new rate of 5.89%

Phlik