ING Direct mortgage

lisssa

My Ing Fixed rate is exactly the same, all my T&c say it switches to the SVR at the end, but on the internet it shows that im moving to the flexible product which currently sits at 3.89%. I did ring them up about a month ago, playing it 'dumb' and asked them to confirm what rate my morgage was moving to at the end of the Fixed rate in Feb 09, and the male I spoke to confirmed that I was definately moving onto their flexible morgage product!
So like you , Im keeping my head down, mouth shut and hoping big time - roll on feb lol

---lee---

Every time there is a rate cut, the same posts appear – will ING pass on the cut – will they try to change the terms – when will they pass on the change etc

ING have passed on every rate cut to date. If they did not pass on the change, it would be a breach of contract. Tracker must track at no more than 0.89% above the Bank of England base rate. Rate changes are effective from the 1st day of the month following change.


So on the 1st of January the new ING tracker rate will be 2.89% UNLESS the rate is cut again before the 1st January or ING decide to lower even further.
Let’s be happy about that instead of pessimistic – we can pay our mortgages off even quicker :T

ms_jones

there's no wriggle room.

all they can do is parcel up the tracker mortgages we've got and selll them on much like the distressed debt cd's that are flooding the market at the moment.

i got my tracker with INg in March and even teh first payment was reduced -hahhhahahaha


we're now gonna be on 2.89% - how good is that.


For once we've outmanouevered the banks.

so a big thankyou to ING and a big thank you to to Dutch government for stepping in with a few billion quid.

my comsierations must go to the shareholders who'vebeen well and trully cream crackered.

Jeannine

lisssa wrote: »

the flexible product which currently sits at 3.89%

Are you sure that that's correct? The ING Direct SVR is currently 4.84% (4.9%APR). The "less than 0.9% above BBR" that people are talking about is a particular mortgage product that was available for a limited amount of time...Surely the less than 0.9% does not apply to any other mortgage product...So when your fixed rate comes to an end you'll go on to the SVR (4.84% - but I guess that will come down after today's cut.)

Bromley86

That's the point Jeannine. It appears that Fixed products taken out in early 2007 (and possibly at other times) revert to the Flexible product that was on offer at the same time i.e. BoE+0.9%. It's not necessarily what the Key Facts says, but it's what appears to be happening.

At a guess back in 2007 the SVR was defined as the rate offered by the standard Flexible mortgage and presumably has since been changed to allow them more flexibility with their more recent customers.

ms jones I was talking about Fixed mortgages. You're presumably on the Flexible one and so, as you say, there's no wriggle room in your case.

EDIT: Sweet. Just checked online and noticed that I don't have a Fixed mortgage. I have a Flexible mortgage with a fixed offer added on. Nice!

MoneySavingNovice

Its worth looking to see what ING have written in the Offer Letter.

In my Flexible mortgage offer letter dated December 2006, section 4 it stated:-

Flexible mortgage - a variable rate which will be less than 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.

For me they can't get out of this, I believe that mortgages offered later may not had this clause - check out your wording!

belge75

Similar position here. 2 year fix in Jan 2007, switching to a Flexible Mortgage account currently showing at 3.89%. I'm sure that when we initially applied for the mortgage (Nov 2006) we were told that when we eventually reverted to the Flexible Mortgage the 0.9% rate guarantee would still be valid. I know they took the rate guarantee away later in 2007 but were the mortgages they offered after this time still called the Flexible Mortgage?

jeferey

I can't believe what a great decision we all made going for the flexible mortgage. I haven't found anyone else where I work paying as low as 3.89% soon to be 2.89%. I have left my payments the same since the rate touched 6.09% and less than 20% of my payment will be interest come January. This will knock 10 months off my term. Roll on 2014!! I agree with the sentiments above - well done the Dutch

GoToGal

jeferey wrote: »

I can't believe what a great decision we all made going for the flexible mortgage. I haven't found anyone else where I work paying as low as 3.89% soon to be 2.89%. I have left my payments the same since the rate touched 6.09% and less than 20% of my payment will be interest come January. This will knock 10 months off my term. Roll on 2014!! I agree with the sentiments above - well done the Dutch

Course when the rate starts to rise, a switch to fixed will be on the books :rotfl:

jeferey

GoToGal wrote: »

Course when the rate starts to rise, a switch to fixed will be on the books :rotfl:

Agreed, but it looks as if we will have at least 12 months of low and probably lower rates.:rotfl: