ING Direct mortgage

MoneySavingNovice

MSE_Helen wrote: »

"The bank will raise it standard variable rate for 4,500 borrowers in August..."

Read the full story:
ING Direct to raise mortgage SVR

https://forums.moneysavingexpert.com/discussion/4053175

costingbunny_2

Hi
I've been on the ING Direct mortgage for 5 years (0.9% above BoE rate) - great choice! I am hoping to move soon and telephoned ING - you cannot port the mortgage. Surprise! Can't complain as my payments have been reduced by around £400 a month for the last couple of years and I've overpaid that amount.

cos_2

http://www.trustnet.com/News/Research.aspx?id=354032

I doubt that we'll really see a negative BoE rate, but it would be interesting for those of us on this mortgage. I've checked my terms from 2007 and can see nothing that limits how far ING will cut their rate. It seems to be basically no more than 0.9% above base rate.

So if BBR falls to -1%, ING will be paying us . . . :beer:

Thrugelmir

cos wrote: »

So if BBR falls to -1%, ING will be paying us . . . :beer:

You may find that they break the terms of your contract.

cos_2

Thrugelmir wrote: »

You may find that they break the terms of your contract.

I can't see anything in the general terms or my mortgage offer. But I suspect they'll come up with something if the highly unlikely scenario occurred!

Thrugelmir

cos wrote: »

I can't see anything in the general terms or my mortgage offer.

Every mortgage contract has an exceptional circumstances clause.
This could be invoked on grounds of commerciality.

Alternatively they would sell your mortgage on. The new owners then imposing their own interest rate.

cos_2

It would be fun, though. C and G dipped their toes into the murky waters of negative mortgage rates some years ago.

http://www.thisismoney.co.uk/money/mortgageshome/article-1662884/Interest-free-mortgages-finally-arrive.html