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ING Direct mortgage

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Comments

  • Got my letter today confirming the new rate at 1.89%.

    I was surprised that they were also suggesting that I arrange to over pay! I'm not going to as I can get better savings rates after tax than 1.89%.

    ING suggestion does indicate that they aren't making a profit on these Mortgage any more!
  • AMO
    AMO Posts: 1,464 Forumite
    Yep! :) I got 1.89 come through the door also! Well chuffed! ;)

    AMO
  • AMO
    AMO Posts: 1,464 Forumite
    jeferey wrote: »
    Definitely 1.89% - new rate for our mortgage. :j
    Fantastic news - who needs savings! Feel sorry for all those pensioners.

    Yes, fantastic for us.

    Not good to hear news like this:
    http://news.bbc.co.uk/1/hi/england/hampshire/7908635.stm
    Mr and Mrs Pyatt moved to Lymington six years ago and were living off their savings, but after a few years the money ran out and Mrs Pyatt became depressed.

    Although I don't think that the current economic downturn can be blamed for 'a few years'. Nevertheless, there are probably more people that are going to feel like that. :(

    AMO
  • Jeannine
    Jeannine Posts: 342 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    I was surprised that they were also suggesting that I arrange to over pay!

    Well, I think it's a good idea to overpay now the monthly payment has dropped so much - get rid of that mortgage more quickly!
  • jeferey
    jeferey Posts: 4,300 Forumite
    Mortgage-free Glee!
    Jeannine wrote: »
    Well, I think it's a good idea to overpay now the monthly payment has dropped so much - get rid of that mortgage more quickly!
    I agree - I have revised my car loan payments at work and will add £100/month to my mortgage payment making it £160/month overpayment. Yes, it might be possible to get slightly more in savings after tax, but as Jeannine said, my aim is to get rid of the mortgage as quickly as practical. This low rate will not last forever and then the gap between mortgage and savings rate will probably be closer. By paying off as much of my mortgage as possible now, it will reduce the interest payable in the future when the rates goes back up (which they will!). If the rates stayed where they are, I will be mortgage free in 4 years.
    If at first you don't succeed, try, try, try - oh bu99er that just cheat :D
  • Jeannine
    Jeannine Posts: 342 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Well said jeferey!!:beer:
  • reck_uk
    reck_uk Posts: 137 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Yeah from a mortgage point of view this new rate is great. Obviously the flip side to this is that my savings aren't doing to well but i'm going to use this time to reduce my mortgage as much as possible as well.
  • reck_uk
    reck_uk Posts: 137 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    So it sounds likely another interest rate cut is going to happen today, 0.5%?
  • GoToGal
    GoToGal Posts: 743 Forumite
    Part of the Furniture Combo Breaker
    Wonder if the rate will be cut if they decide on "Quantitative Easing"
  • jeferey
    jeferey Posts: 4,300 Forumite
    Mortgage-free Glee!
    reck_uk wrote: »
    So it sounds likely another interest rate cut is going to happen today, 0.5%?
    Looks very likely - so mortgage would be 1.39% :j
    If at first you don't succeed, try, try, try - oh bu99er that just cheat :D
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