ING Direct to raise their standard variable rate

ING Direct will become the latest lender to increase its standard variable rate (SVR) from 3.5% to 3.99% from August 1. The bank says that the rate rise is down to the increasing cost of funds and adverse market conditions. A spokesman for ING is quoted as saying: “There was a raft of increases earlier this year - we were able to hold the level that it's been at since 2009 but eventually we had no choice to increase it.” ING Direct has 4,500 mortgage customers on their standard variable rate. If you are paying a standard variable rate, Trinity Financial can probably re-mortgage you to a more competitively priced deal. Call us on 020 7016 0790. July 12, 2012