ING Direct mortgage

Bromley86

I was reading about the recent NatWest shenanigans in this thread:
http://forums.moneysavingexpert.com/showthread.html?t=1400629

There's a thisismoney article linked there, which says:

A mortgage specialist at Which? said: 'Lenders have the right to withdraw credit at any time by citing exceptional circumstances, but you would expect them to give a reason for doing so.

At the risk of giving them ideas, what's the chance of this happening with those ING rates now set to sink to 2.4% (and possibly lower again)?

rrwfotr

Bromley86 wrote: »

I was reading about the recent NatWest shenanigans in this thread:
http://forums.moneysavingexpert.com/showthread.html?t=1400629

There's a thisismoney article linked there, which says:


At the risk of giving them ideas, what's the chance of this happening with those ING rates now set to sink to 2.4% (and possibly lower again)?

I would think it would be very exceptional circumstances such as bankruptcy that would force ing to invoke this. Ing is meant to have sound reserves at the moment.

jeferey

rrwfotr wrote: »

I would think it would be very exceptional circumstances such as bankruptcy that would force ing to invoke this. Ing is meant to have sound reserves at the moment.

I agree - Nationwide can invoke it as they had a clause in the T's & C's - ING have no such clause so it would be a breach of contract.
Anyway I'm currently getting over 5% at Tesco's on savings and now my morgage will be 2.39%. Not too bothered as my mortgage is 6x my savings!!

rrwfotr

jeferey wrote: »

I agree - Nationwide can invoke it as they had a clause in the T's & C's - ING have no such clause so it would be a breach of contract.
Anyway I'm currently getting over 5% at Tesco's on savings and now my morgage will be 2.39%. Not too bothered as my mortgage is 6x my savings!!

Same here fixed my savings for 1 year with icici hisave 1 year bond offering 5.1 % and also fixed my isa with halifax for 1 year at a fixed rate of 3.3 %. Did consider moving my isa funds somewhere else but by the time the transfer would go through easy a month the rates would/could then drop.

belge75

belge75 wrote: »

Jett, I'll let you know next Monday/Tuesday as our fixed rate ends then. Our variable rate sub-account is showing a rate of 2.89% so fingers crossed...

Just to confirm for you fixed raters out there (Jett, Bromley86, mcdonald8 etc), our ING fixed rate mortgage has today switched to the Flexible Mortgage product at 2.89%. I too have been worried that ING might have had room to wriggle out of the 0.9% guarantee but (touches wood) it seems they're giving us the benefit of the doubt.

:beer:

GoToGal

It's getting to the point I'm wondering if I should save with ING @ 5%...

mr_jetlag

GoToGal wrote: »

It's getting to the point I'm wondering if I should save with ING @ 5%...

Me too.. I have their Web Saver account (no longer available) which has a bonus rate until 1 March 2009 and it works out at about 5% for the entire balance of my cash there. I am very nervous about fixed term, no-withdrawals accounts due to being burned with IceSave so would prefer a high interest, instant access account but these are getting rarer than a dodo!

Joby_2

Hi

First time I have posted on the forum. However, I'm so chuffed to be on the best mortgage deal going - I picked it because there wasn't any fees etc. I wasn't even aware I was on 0.9% above BOE rate until I called them today!! Lady I spoke to today said our rate would deff be 2.4% or lower before 01.02.09.

Wheyhay:beer:

Reducemydebt

My Fixed Rate 4.95% comes to an end this month also and have just been informed it will be +0.9% above the Base Rate on SVR currently she said @ 2.89% but due to come down again as at the 1st of the month.

It is now regarded as their Flexi Mortgage which means I can pay the same as I am now and pay more off the mortgage which is a bonus.

Do people have a view how long the base rate will remain below 4%?

Probably been asked a million times and is a bit of a no-brainer but I assume it is better to stay on this SVR for the time being until such a time the Base Rate means it is cheaper to shop around for a different mortgage?

AMO

Hi all,

My ING Direct mortgage will be coming off fixed rate soon and I have a letter saying that it will move to the standard variable product after that.

Looking at the website:
http://www.ingdirect.co.uk/mortgages/Default.asp?ct=1

It appears to be either 4.59% or 4.8%APR. Is this a good rate seeing as places like Lloyds TSB/C&G seem to be at 3.5%:
http://news.bbc.co.uk/1/hi/business/7829095.stm#TABLE

Ironically, I was with C&G before moving to ING Direct!

Thanx

AMO