ING Direct mortgage

MoneySavingNovice

Mine hasn't it still says 5.39%

Jeannine

That's the current rate. Have a look at your monthly payment, due 1/12/08...

MoneySavingNovice

Jeannine wrote: »

That's the current rate. Have a look at your monthly payment, due 1/12/08...

Thanks your right :hello: (silly me!)

MarcD_2

One to watch - i've just logged on and my account is showing the reduced payment from 1st December, plus £1,000! I guess they'll realise the error and correct but will ring on Monday if it's still showing - was fine yesterday...

costingbunny_2

MarcD wrote: »

One to watch - i've just logged on and my account is showing the reduced payment from 1st December, plus £1,000! I guess they'll realise the error and correct but will ring on Monday if it's still showing - was fine yesterday...


Had my letter today that the rate is now 3.89%, big drop in my payments. Rang up and got confirmation that the rate is not collared and therefore it should keep going down as the rates hopefully will!

evepiers

I think Im like a lot of people here who have suddenly woken up to the fact that our Ing Mortgage 'guaranteed to be no more 0.9% above base rate' is looking like the deal of the decade!

Which raises just one question for me in these days of mistrust of the banks....

Is there any chance that Ing could try and change these terms or cancel these mortgages? – especially if the BoE base rate continues to drop. We could be in the extraordinary position if economic conditions continue to deteriorate where our mortgage rate drops to 0.9% (at the point where The BoE has been cut to 0%).

MoneySavingNovice

evepiers wrote: »

...Is there any chance that Ing could try and change these terms or cancel these mortgages? – especially if the BoE base rate continues to drop. We could be in the extraordinary position if economic conditions continue to deteriorate where our mortgage rate drops to 0.9% (at the point where The BoE has been cut to 0%).

I have got to say that I do have some concerns about this issue; however, looking at the T&C's I think that ING would find it difficult to cancel the mortgage for people who are up-to date with all their payments. Regarding changing the terms, they do have written in the contract the right to make changes to the T&C’s - however this is a Material Change, which I do not feel they could enforce should anyone wish to challenge this. I would certainly challenge this - after all I have kept to my side of the deal!

GoToGal

Economists and business leaders have called for a one percentage point cut to 2% - a level not seen since 1951 - to prevent the downturn deepening.

http://news.bbc.co.uk/1/hi/business/7763546.stm

Should be interesting to see if ING try to wriggle out of passing this on if it does go to 2%!

ETA: Now confirmed at 2%

mcdonald8

MarcD wrote: »

Got my letter too and direct debit changed in time for 1st of the month payment. For those who don't still have a copy of the terms and conditions for the Flexible mortgage, you will find the 0.9% promise also set out in section 4 (Description of this mortgage) in your mortgage offer:

"Flexible mortgage - a variable rate, currently X.XX%, which will be less then 0.9% above the Bank of England Base Rate, for the period of the loan. Any change to our interest rate to comply with this rate promise will become effective from the 1st of the month following the month in which a Bank of England base rate change is announced"

My Section 4 is different:

4.95% 2 Year Fixed Offer 8001 - a fixed rate of 4.95% for 2 year(s). ING Direct Standard Variable Rate, currently 5.14%, then applies for the remainder of the term.

So it has not mentioned of the 0.9% above base rate, nor mentioned in the 2006 T&C.

Any clues if my case is different from you lucky ones?

Bromley86

Hi mac. You took yours out at the same time as me, because that's exactly what my fixed says .

I've looked at the documentation that I've got and, unless they define SVR somewhere as applying to all mortgages (i.e. their Flexible and their Fixed), they've got wriggle room as there's no mention of the 0.9% in the Key Facts.

When I look at the 20 or so page brochure, it mentions the 0.9% under "The variable rate promise". But this is under the Flexible Mortgage section.

Still, the good news is that if you check your mortgage online then you'll see that the current rate is 4.95% and there should be an empty mortage at 3.89% ready for them to transfer it to. So keep your head down and hope .