MSE News: ING Direct to raise mortgage SVR

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Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in Mortgages & endowments
"The bank will raise it standard variable rate for 4,500 borrowers in August..."
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ING Direct to raise mortgage SVR

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  • MoneySavingNovice
    MoneySavingNovice Posts: 435 Forumite
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    I guess that this does not apply to the ING Direct Flexable Mortgage, as this has in its T&C's the following:-
    The ING Direct Flexible Mortgage has a simple variable rate promise – we will be less than 0.9% above the Bank of England Base Rate, with any resulting changes to our interest rate coming into effect from the 1st of the following month.

    which means that the current rate is, 0.5% Bank of England Base Rate + 0.89% = 1.39%.

    It will be Interesting to see if they try and raise the rate for ING Direct Flexible Mortgage customers as well.
  • jobdone1
    jobdone1 Posts: 841 Forumite
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    one word WHY
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
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    jobdone1 wrote: »
    one word WHY

    Firstly because they can. They can set their SVR at whatever rate they like.

    Secondly they had their credit rating downgraded so they are probably finding it more expensive to borrow therefore they are passing these costs onto their borrowers.
    Why are we here?......................because we are not all there.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
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    shortchanged wrote: »
    Firstly because they can. They can set their SVR at whatever rate they like.

    Secondly they had their credit rating downgraded so they are probably finding it more expensive to borrow therefore they are passing these costs onto their borrowers.

    Wasn't the recent QE (or whatever you want to call it, as they didn't want it called QE) supposed to stem this?
  • jobdone1
    jobdone1 Posts: 841 Forumite
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    That is my point the greed that is going on is out of this world, Ordinary folk being led up a sleazy banking path
  • DannyboyMidlands
    DannyboyMidlands Posts: 1,880 Forumite
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    Variation in variable rate shocker.

    What's the big deal? If you want a fix then get one. If you want a variable then get one of those.

    No point getting one type and then moaning that you don't have the T+C's of the other.
  • ILW
    ILW Posts: 18,333 Forumite
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    jobdone1 wrote: »
    That is my point the greed that is going on is out of this world, Ordinary folk being led up a sleazy banking path

    Seems savings rates may be creeping up a bit. Can get 4% or so now. So cannot be all bad.
  • Conrad
    Conrad Posts: 33,137 Forumite
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    jobdone1 wrote: »
    one word WHY


    Do you not read the news? Millions of savers have been complaining about overly low savings rates. It's not just borrowers they have you know.
  • Conrad
    Conrad Posts: 33,137 Forumite
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    jobdone1 wrote: »
    That is my point the greed that is going on is out of this world, Ordinary folk being led up a sleazy banking path


    Sorry this so blinkered it's unreal. Millions of pensioners and others have been complaining at the greed of borrowers expecting such low rates. Do people only see an argument from 1 side?
  • jobdone1
    jobdone1 Posts: 841 Forumite
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    Conrad wrote: »
    Sorry this so blinkered it's unreal. Millions of pensioners and others have been complaining at the greed of borrowers expecting such low rates. Do people only see an argument from 1 side?
    people have lost their homes whilst bankers have creamed their millions, Tax payers now paying back to sort the banks i think people like you need a reality check
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