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ING Direct mortgage

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Comments

  • jeferey
    jeferey Posts: 4,300 Forumite
    Mortgage-free Glee!

    One other thought - if you can get a better rate than the 2.39% in a savings account this would be worth doing.....Don’t forget to take into account the tax implications!
    Quite true, you would need to get 3%+ as a basic rate taxpayer to make it worth it or 4%+ as a higher rate taxpayer.
    If at first you don't succeed, try, try, try - oh bu99er that just cheat :D
  • Joby_2
    Joby_2 Posts: 40 Forumite
    :beer: Excellent news BOE base rate now 1% - so another 0.39 off our rate..:j :rotfl:
    Wins 2009 : Rimmel sexy curves mascara, Lipcote gift set. McVities Cuddly Penguin:rotfl:
  • aliasojo
    aliasojo Posts: 23,053 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Joby wrote: »
    :beer: Excellent news BOE base rate now 1% - so another 0.39 off our rate..:j :rotfl:

    0.39? :confused:

    Isn't it .5% off so new rate is 1.89%?
    Herman - MP for all! :)
  • jeferey
    jeferey Posts: 4,300 Forumite
    Mortgage-free Glee!
    aliasojo wrote: »
    0.39? :confused:
    Isn't it .5% off so new rate is 1.89%?
    Definitely 1.89% - new rate for our mortgage. :j
    Fantastic news - who needs savings! Feel sorry for all those pensioners.
    If at first you don't succeed, try, try, try - oh bu99er that just cheat :D
  • jeferey
    jeferey Posts: 4,300 Forumite
    Mortgage-free Glee!
    jeferey wrote: »
    Quite true, you would need to get 3%+ as a basic rate taxpayer to make it worth it or 4%+ as a higher rate taxpayer.
    You will now need 2.37% as a basic rate taxpayer or 3.15% as a high rate taxpayer to make it worth having your extra money in a savings account as opposed to leaving your payment the same and overpaying your mortgage. I'm leaving mine the same. AGAIN.
    If at first you don't succeed, try, try, try - oh bu99er that just cheat :D
  • Joby_2
    Joby_2 Posts: 40 Forumite
    sorry guys I work in accounts but obviously my maths failed me there!
    Wins 2009 : Rimmel sexy curves mascara, Lipcote gift set. McVities Cuddly Penguin:rotfl:
  • Does anybody know whether it's possible to get the money back that's sitting in your overpayment reserve - actually withdraw it from the mortgage account? As the rate is now so low, I'd rather have that money to use elsewhere!
  • giger
    giger Posts: 164 Forumite
    Part of the Furniture Combo Breaker
    To back up some of the above; My 2 year fixed deal ends soon so I have been investigating what will happen to my mortgage.
    This is what kick started my enquiry:

    http://www.ingdirect.co.uk/mortgages/our_mortgages/existing_mortgage_customers/fixed_rate_expiring.asp

    My mortgage info specifically states that when my 2 year deal ends in the next few months, I revert to the SVR. However, it now seem they are moving existing customers to the flexible mortgage plan, as they have reserved the SVR for new customers only.

    Good news is that the flexible plan is currently 2.39% and the SVR is 4.34% :cool: Also, as the flexible plan is guaranteed to be no more than 0.9% above BoE base rate & on 1st March the rate will be lowered which means it will be a max of 1.9% :cool:

    All of this was confirmed on the phone last night after I saw the above info
  • wronskian wrote: »
    Does anybody know whether it's possible to get the money back that's sitting in your overpayment reserve - actually withdraw it from the mortgage account? As the rate is now so low, I'd rather have that money to use elsewhere!

    No, AFAIK you can't "withdraw" it once it's been paid in - but you can ring them up to ask for a payment holiday up to the value of your reserve.
  • aliasojo
    aliasojo Posts: 23,053 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Just to confirm mr jetlag's comment....he is correct, you cannot withdraw but you can have a payment holiday. I specifically checked this with ING when I started to overpay.
    Herman - MP for all! :)
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