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10 Monday Dec 2012

ING Direct sold to Barclays Posted by:

ING Direct, the Dutch lender which created quite a stir in the UK mortgage market by consistently offering ‘best buy’ deals, is selling up and shipping out. It announced this week that Barclays would be taking on its deposits (£10.9bn) and mortgage (£5.6bn)  book.

Mortgages will be transferred to Barclays on the same terms and conditions, so there is no need for ING Direct customers to panic. However, it is not yet clear what will happen when mortgage deals come to an end and whether borrowers will move onto the ING Direct standard variable rate (SVR) – currently 3.99 per cent as it was recently raised – or a rate pegged to base rate, which is the case for existing Woolwich [the mortgage brand of Barclays] customers.

Mark Harris, chief executive of SPF Private Clients, and a Bien Media client, had this to say about the deal: ‘Woolwich has led the way in the mortgage market for a number of years with product innovation, service and pricing. ING is a relatively new lender but like Woolwich has made a good impression and the acquisition creates a more powerful mortgage offering. Critics may point to more power to one of the big boys in the market and less consumer choice but there remains plenty of other lenders out there in what is still an under-supplied market.’