ING Direct mortgage

GoToGal

I've just paid off a little over £1000 as a capital repayment but hearing it's knocked off just 3 months made me a little despondent. Esp when I think of the stuff I could convert that to. Hey ho, all goes to help reduce the term.

reck_uk

Hearing that a £1000 is only paying off 3 or 4 months is pretty disappointing. I was hoping when I came round to making my first £1000 payment it would knock off more than that.

jeferey

Have done a capital repayment for over £2000 and it's knocked 11 months off my term - only maximum of 4 years to go but I am still overpaying but not as much now. I have decided to invest some instead.

reck_uk

Nice nearly a year off.

I think our time with such a low rate will be coming to a close soon. Apparently we are out of recession now and I expect BoE rate to go up pretty soon. What do you think?

jeferey

reck_uk wrote: »

Nice nearly a year off.

I think our time with such a low rate will be coming to a close soon. Apparently we are out of recession now and I expect BoE rate to go up pretty soon. What do you think?

I think it will still be some months before we see a rate increase, August at the earliest, but it could feasibly be 2011 before we get one. If we do get one sooner, I can't see base rates going up by much ( maybe 0.25 or 0.5% at a push) and one financial commentator thought (and I agree) that a ceiling of 2% is probably likely for a few years.
Here's hoping

GoToGal

Well, we've been enjoying the low, low rate for over 12 months now!

Has anyone made additional overpayments? I've knocked a lot off in the past year but reading through my documents, it's not portable I need to move for work but would have loved to port my mortgage and keep this rate. Anyone succeeded in porting?

MoneySavingNovice

GoToGal wrote: »

Well, we've been enjoying the low, low rate for over 12 months now!

Has anyone made additional overpayments? I've knocked a lot off in the past year but reading through my documents, it's not portable I need to move for work but would have loved to port my mortgage and keep this rate. Anyone succeeded in porting?

It's actually 22 months since the rate went to 1.39% (April 2009)
Given the very low rate, I would not think that ING would agree to porting, but it is worth asking!

Let us know how you get on!

MarkyMarkD

No lender is going to allow porting of a loss-making product if the conditions explicitly say "no porting"!

PealRinger

Loving the great rate we're on now :T
- but there are some interesting headlines out there today.
"Get ready for sharp rise in mortgage rates, warns Bank of England"

"Experts urge any mortgage holder on a variable rate to secure a fixed-rate deal as soon as possible"

So what sort or rises do you think are round the corner?
I'm sure ING will be keen to pass them on to us as soon as they can.

The best fixed rates seem to be about 3% (60%LTV) - 4% (80%LTV). Not sure I'm going to be listening to those 'experts' just yet.

Bromley86

The article:
http://www.dailymail.co.uk/news/article-2145547/Get-ready-sharp-rise-mortgage-rates-warns-Bank-England.html?ito=feeds-newsxml

See this:

Banks blame eurozone crisis for driving up cost of borrowing - then pass cost on to consumers

and this:

Experts have for weeks been advising SVR mortgage holders with equity in their property to scramble to get back onto a fixed rate while deals are still available.

i.e. worry if you're not pegged to the BoE rate.