ING Direct mortgage

MoneySavingNovice

Got letter confirming 1.39%

notme_2

Also had letter confirming new rate.

costingbunny_2

Got mine too! Wonder if the interest rates will go 0% this month??? Guess that will our last reduction then! Can't complain though, my mortgage has gone down over £300 now!

mr_jetlag

Got mine over the weekend too (not a moment too soon!)

From peak-to-trough when I took out the product I've seen a fall in my interest only payments of about £800. However, I am still overpaying so my monthly payment has not gone down since last October. It gives me a warm feeling to know my balance will be just under a significant milestone in a few months' time. :beer:

Jeannine

Surprisingly the interest rate on the website is still shown as 1.89% (def should be 1.39%). Wonder how long before anyone notices!!!

aliasojo

Lol....same 1.89% figure showing on my accounts page too although the mortgage repayment was yesterday and is definitely at the new 1.39% lower rate.

Jeannine

They've twigged! It's been changed...1.39% it is.

rustyboy

So I have a query.

Mortage rate is 1.39% and we have about 17 years left on mortgage. We have saved £1000 to pay off some of the mortgage in a lump sum.

When we did it last time we shaved 6 months off the mortgage but this time they are telling us it will only decrease by 4 months.

Is this beacuse the difference between the amount we pay each month and the interst that then goes back on is higher than it was a year ago.

would people keep the money in their savings and wait until rates go back up or pay off the mortgage now and continue to save more?

reck_uk

We have about 22 years left to pay on our mortgage and are also saving up some money to pay off a lump sum of £1000 so would be interested to hear any replies to this.

Our plan is keep paying off £1000 lump sums as and when we can in order to reduce the term of the mortgage as much as possible.

aliasojo

I've just arranged for our £3700 overpayment reserve to be applied to the account to reduce the term. It has 'only' come down by 1yr and 7mths, I expected it to be more.

I've also just spotted the above posts so will be keeping an eye on the replies. I'm not convinced I've done the right thing tbh, when I phoned a few months ago, I'm sure I was given a different (shorter) end date but at the time I opted to leave the reserve sitting there.