ING Direct mortgage

bb_forrest

Amazingly it disappeared off their website a while ago.

If by the 1st November I do not get a letter about a rate cut I shall be talking to them about contract breach.

I shall firstly talk to my brother regarding the legal position as he is ACIB qualified and earns a very good living working for RBS (he has worked for them for 30 years).

Without showing favouritism if the board of RBS were a patch on my brother's work prowess and integrity then the share price might be higher than a £1.

GoToGal

mr_jetlag wrote: »

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:

20th? That won't give them time to adjust the DD's going out on the 1st (i.e. mine :rolleyes:). You'd think they'd have plenty of time to do it before then. I'll be keeping my eyes pealed that the rate is adjusted by the 1st of Nov or else

Jeannine

Well, I think it all depends what type of mortgage deal you have with them. Mine is the "no more than 0.9% above base rate" so I do expect the rate to drop from 5.89%. However, last time there was a rate decrease, ING cunningly delayed the cut until the 1st of the second month after the cut was announced. They said that that there hadn't been time to action it for the next month (which was rubbish!).

Terms and conditions no longer on the website - but I have a copy!!

GoToGal

I've got the same one, no information yet

Jeannine wrote: »

Well, I think it all depends what type of mortgage deal you have with them. Mine is the "no more than 0.9% above base rate" so I do expect the rate to drop from 5.89%. However, last time there was a rate decrease, ING cunningly delayed the cut until the 1st of the second month after the cut was announced. They said that that there hadn't been time to action it for the next month (which was rubbish!).

Terms and conditions no longer on the website - but I have a copy!!

mr_jetlag

bb_forrest wrote: »

Amazingly it disappeared off their website a while ago.

If by the 1st November I do not get a letter about a rate cut I shall be talking to them about contract breach.

I shall firstly talk to my brother regarding the legal position as he is ACIB qualified and earns a very good living working for RBS (he has worked for them for 30 years).

Without showing favouritism if the board of RBS were a patch on my brother's work prowess and integrity then the share price might be higher than a £1.

Good thinking, bb_forest... it would be great if you could share his opinion here. It's now the 21st and predictably, no letter or indication on the website that the rate will drop. I think a call on the 3rd Nov to indicate breach of contract and damages will be pursued might wake them up a little.

I also have a copy of the T&C's for my mortgage. I can confirm there is no "minimum" for the price promise, i.e. if BOE base rate falls to 2% as some predict, they are legally bound to drop their mortgage rates to 2.89% .

Worth making a stink about?

Jeannine

Their standard variable rate has changed today - it is now 6.34% (from 6.59% I think), APR 6.5%.

However, I still haven't had any communication from them about the rate for my flexible mortgage product - currently 5.89% (it's the no less than 0.9% above BBR one). I shall be very surprised if anything happens this month...!!

bb_forrest

Jeannine wrote: »

Well, I think it all depends what type of mortgage deal you have with them. Mine is the "no more than 0.9% above base rate" so I do expect the rate to drop from 5.89%. However, last time there was a rate decrease, ING cunningly delayed the cut until the 1st of the second month after the cut was announced. They said that that there hadn't been time to action it for the next month (which was rubbish!).

Terms and conditions no longer on the website - but I have a copy!!

It states that any interest rate changes will be put into place from the 1st of the following month, they cannot claim that they had no time. I suggest you get the date they did this to you and take them up on it.

ian448

spoke to ING today and they confirmed that for those on .89 above base rate mortgage rate will be going down to 5.39 from 1st Nov.:j

mr_jetlag

ian448 wrote: »

spoke to ING today and they confirmed that for those on .89 above base rate mortgage rate will be going down to 5.39 from 1st Nov.:j

Good to hear, though as expected they probably will continue the DD on the higher amount on the 3rd and "adjust" the interest calculation accordingly. :rolleyes:

BTW some are saying we're in line for another 50bp cut in november
http://www.economicnews.ca/cepnews/wire/article/142533 - roll on recession! :T

mr_jetlag

...but ING have done the (seemingly) impossible and actually managed to adjust my DD in time for November!

The website now reflects the new rate of 5.39% and my DD has gone down accordingly (by abou £80). This is new as of this lunchtime!

Is anyone else still showing their "old" rate of 5.89%?

I may have to swallow my bile and thank ING for doing the right thing!