New ING Direct mortgages launched

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New ING Direct mortgages launched

Thu 12th Oct 2006

The savings bank ING Direct has introduced two mortgages to the market in a bid to end the uncertainty that surrounds banking jargon.

A fixed rate and flexible mortgage will be added to ING Direct's mortgage portfolio and the bank has laid down a commitment to prevent customers receiving unnecessary fees.

Utilising research by Defaqto, ING Direct analysed the mortgage market and discovered administration and other fees were costing UK home owners a total of £705 million per year.

The CEO at ING Direct, Lindsay Sinclair, declared: "The rates people are being offered are not what they seem and mortgages come with a range of nasty surprises.

"Marked up fees are often imposed to generate income that will allow mortgage providers to set interest rates at a level that will get them into the Best Buy tables."

The ING Direct Flexible Mortgage offers a standard variable rate that remains less than 0.9 per cent above the Bank of England base rate.

Alternatively, the ING Direct Fixed Rate Mortgage offers a 4.95 per cent fixed interest rate for two years that reverts to the ING Direct Flexible rate after the two-year period.

ING Direct was launched in the UK in 2003 and operates in a total of nine countries with 15 million customers currently using the bank.

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