ING Direct mortgage

Jeannine

That's the current rate - new one will be shown from 1st February...

Yep - it's really great being able to make overpayments without penalty!!

AMO

rrwfotr wrote: »

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!

I just got my new PIN and logged on. It's going to change from 4.95% to 2.89%!

Thanx

AMO

notme_2

Just had my confirmation through the post, new rate at 2.39%

Ampthill_Ram

Hello Gang - seems that we are all lucky to be on the best mortgage product out there. Happy days!!

Just wondering - I am currently on the repayment option. Can I change to interest only? The simplified T&Cs read as if there is a high degree of flexibility over the repayment terms. Any experts out there?

Jeannine

Well, I changed part of mine from interest only to repayment without problems, and plan to swap some more - but I can't remember whether there's a charge for doing so.

jeferey

Ampthill_Ram wrote: »

Hello Gang - seems that we are all lucky to be on the best mortgage product out there. Happy days!!

Just wondering - I am currently on the repayment option. Can I change to interest only? The simplified T&Cs read as if there is a high degree of flexibility over the repayment terms. Any experts out there?

Obviously I don't know your personal circumstances, but you are not going to save that much going to interest only with the interest rate soon to be 2.39% (unless you've got a big mortgage!), but if you can, you would be better paying off as much as you can now to make it easier when the interest rates go back up as they inevitably will (maybe not for 12 - 18 months but it will happen). I have worked out my interest will only be £70/month come February so the capital is dropping very quickly. This is giving me a cushion now that I can fall back on later if things get really bad. Interest only is dangerous in the long term as you still have to pay back the capital eventually - how will you do it? Endowments are a waste of space, cashed mine in 2003 and got compensation.
Good luck - hope this helps.

MoneySavingNovice

jeferey wrote: »

...... but if you can, you would be better paying off as much as you can now to make it easier when the interest rates go back up as they inevitably will .......

One other thought - if you can get a better rate than the 2.39% in a savings account this would be worth doing. You can then use this amount to pay, plus the additional interest to pay off a bigger sum when the rates go out of your favour.

Don’t forget to take into account the tax implications!

AMO

More Doom & Gloom!
http://news.bbc.co.uk/1/hi/business/7850502.stm

Bromley86

That was my first response, until I saw this bit:

The bank said the Dutch government would cover 80% of its 27.7bn euros residential mortgage-backed securities.

So bad news for the Dutch, good news for ING?

MoneySavingNovice

Will be interesting to see how many people go in the UK...... my impression has been that ING Direct are well managed and not over or under manned......so my guess would be that that for the UK at least they limit job losses to 'Natural Wastage’

Time will tell!