ING Direct mortgage

rrwfotr

AMO wrote: »

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

You sure your on moving onto SVR, if you were on a fixed rate you should be moving onto the flexible mortgage which tracks 0.9 % above base.

To double check you can log onto the ing website and click onto your mortgage and it should list your products. Mine shows my fixed rate mortgage and then it shows the flexible mortgage as well which I should be moving over too when my fixed rate finishes in Feb.

jeferey

Reducemydebt wrote: »

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

I'd have thought till at least mid 2010 probably longer (lost my crystal ball though!)

Reducemydebt wrote: »

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?

Depends on size of your mortgage, but for most people it would cost more to change when you take into account the fees involved and the restrictions on most products on the market at the moment, e.g. max. 70% of house value, etc.
I'm sticking with this one to the end, I can and am overpaying, my mortgage is sub 30k, I have the +0.9% guarantee and the fees on most new mortgages as a proportion of the total make a huge difference.

Reducemydebt

jeferey wrote: »

I'd have thought till at least mid 2010 probably longer (lost my crystal ball though!)

Depends on size of your mortgage, but for most people it would cost more to change when you take into account the fees involved and the restrictions on most products on the market at the moment, e.g. max. 70% of house value, etc.
I'm sticking with this one to the end, I can and am overpaying, my mortgage is sub 30k, I have the +0.9% guarantee and the fees on most new mortgages as a proportion of the total make a huge difference.

Thanks that what I thought. My Mortgage is £96k which is about 85% LTV (we have only had the house for 5 years).

I expect it is better to sit it out on the SVR Rate @ ING and keep an eye on the Base Rate, as you say the costs involved with opening a new mortgage are ridiculous at the minute! plus I actually get to overpay which is definitely not a bad thing

belge75

AMO wrote: »

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

Our letter said the same thing as yours but our fixed rate mortgage switched to the flexible mortgage on Monday (curently 2.89%).

As rrwfotr says, log on to your account and you should see an empty sub account which shows the current rate of the account you will switch to.

irishWizard

Can anyone tell me whether the ING Flexible mortgage has a lower limit. The bank base rate has just gone down to 1.5%. Will my Flexible mortgage drop to 2.39%?

rrwfotr

irishWizard wrote: »

Can anyone tell me whether the ING Flexible mortgage has a lower limit. The bank base rate has just gone down to 1.5%. Will my Flexible mortgage drop to 2.39%?

Yes you will pay 2.39 %. And no there is no lower collar, it tracks the 0.9 % above the BOE base rate therefore if base rates in theory go down to 0% you will pay 0.9%.

AMO

rrwfotr wrote: »

You sure your on moving onto SVR, if you were on a fixed rate you should be moving onto the flexible mortgage which tracks 0.9 % above base.

To double check you can log onto the ing website and click onto your mortgage and it should list your products. Mine shows my fixed rate mortgage and then it shows the flexible mortgage as well which I should be moving over too when my fixed rate finishes in Feb.

I'll try and get logon working.

However, I got this sent to me:


It's the variable rate product - is this the one advertised on their website or the flexible one?

Thanx

AMO

rrwfotr

I'm 90% sure your on the flexable product, to double check just ring ing to confirm what product you are on, i did this morning!

beartie

Hi
I currently have an overpayment reserve equivalent to about 3 months payments. This fund reduces interest on the mortgage only. it does not reduce the capital or the term according to ing. So what happens to the reserve/ my mortgage when e my mortgage is paid off??

Is this overpayment really only suitable for building in payment hoilidays ( of which I think you can only take 3 in a year)??

Someone help me get my head round it please!!

jeferey

beartie wrote: »

Hi
I currently have an overpayment reserve equivalent to about 3 months payments. This fund reduces interest on the mortgage only. it does not reduce the capital or the term according to ing. So what happens to the reserve/ my mortgage when e my mortgage is paid off??
Is this overpayment really only suitable for building in payment hoilidays ( of which I think you can only take 3 in a year)??
Someone help me get my head round it please!!

I'm in a similar situation, but I wouldn't take a holiday unless you need to. I'm going to overpay every month I can which will ultimately reduce the term of my mortgage.
Your overpayment is saving you money - surely it must reduce your term/capital as if you have a reserve of £2000 say, near the end of your mortgage and you owe £2000 as well then surely the mortgage can be paid off ? ! :j