ING Direct mortgage

Jeannine

Well, I'm a bit puzzled - letter which arrived today states:

New interest rate 5.89%
New rate effective from 01/05/2008
First payment at new rate 02/06/2008

Why isn't my payment on 1st May at the lower rate?? It was always like that for previous rate changes...

Advice appreciated!!

MarkyMarkD

Because they have to give you appropriate notice of a change to your DD amount. And 2 days isn't enough notice.

Jeannine

Phlik wrote: »

May's payment will be at the new rate of 5.89%

Phlik

So why do I have to wait until June?:rolleyes:

MarkyMarkD

Heaven knows! Maybe Phlik is wrong, and has misread what it says online? Maybe Phlik has had e-mail notification of the change in DD?

It's beyond me.

mr_jetlag

Jeannine wrote: »

So why do I have to wait until June?:rolleyes:

Just spoke to ING. They have told me it's because for direct debits they require 10 days notice to change the instruction with the bank, and "unfortunately" they were unable to get to the bank in time. I was told the new interest would take effect immediately from 1 May and that the payments would reflect this.

Funny how they manage to "get to the bank in time" when the base rate goes up, eh? :rolleyes:

Jeannine

Thanks for that, although when I phoned and asked, I was told some waffle about payments being in arrears so my May payment will still be at 6.09%:rolleyes: It seems that we all have slightly different versions of the same mortgage!!!!!

mr_jetlag

I think given this 0.5% rate cut has just started to sink in I'll give ING the rest of the week, ring them up on Friday and say, "so, when can I see my rate go down to 5.39% on the website please?" BTW for me and SWMBO this means £80 a month less... result!

waffu

Hi all, my first post here. I too have one of these mortgages and my fixed rate ends in december. When I took out the mortgage 2 years ago, i didnt even bother looking at what happened when the fixed rate ended as I assumed I would just move onto another fixed rate. Now it turns out that I unwittingly picked a pretty good deal!

The other day though, I had a phone call from somebody claiming do be doing a "survey on behalf of ING Direct". She asked me if "Will you be looking for another fixed rate now that you are coming to the end of your current deal?" to which I replied "of course not in the present market conditions!". And that was all she wanted to know... do you think ING are trying to assess how much of a boo-boo they have made with this deal?

jeferey

I too am waiting with baited breath to hear confirmation of the reduction in my mortgage rate to 5.39% according to the T's & C's that I agreed to. There shouldn't be any reason why it doesn't get dropped on 1 November unless they kick us all out of the mortgage (v. unlikely). This will be great news as I leave my payment unchanged and will be overpaying even more each month. Roll on mortgage free living! I can't see any reason to change as the fees on the vast majority of mortgages at the minute are ridiculous and are totally out of proportion to my dwindling balance. That was the main reason I went with this product - NO FEES.

mr_jetlag

jeferey wrote: »

I too am waiting with baited breath to hear confirmation of the reduction in my mortgage rate to 5.39% according to the T's & C's that I agreed to. There shouldn't be any reason why it doesn't get dropped on 1 November unless they kick us all out of the mortgage (v. unlikely). This will be great news as I leave my payment unchanged and will be overpaying even more each month. Roll on mortgage free living! I can't see any reason to change as the fees on the vast majority of mortgages at the minute are ridiculous and are totally out of proportion to my dwindling balance. That was the main reason I went with this product - NO FEES.

How do you leave your payments constant? ING do the DD adjustment for me and so I expect my (interest-only) mortgage payments to go down when they pull their finger out. Is it worth keeping them the same to reduce my principal?

BTW, I've spoken to them and they've said they won't announce their new rates until the 20th. What a crock. I also said I expected the new rates to be effective on the 1st Nov and he said "it depends on how soon we can make the adjustments", blah blah. :mad: