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ING cut fixed rates
ING Direct have lowered their fixed interest rates in what will be the third rate cut in a few months for the lender, fixed rates for 2 and 3 year terms will decrease. The 2 year rate is priced at 7.09%. Previously offered at 7.19% while the three-year fixed rate will come down by 0.20% from 7.29% p.a. Interest rates were effective from the 6 August 2010.
ING Direct executive director of mortgages Lisa Claes said fixed rate mortgages are becoming more attractive to customers. “This rate decrease offers further value for money for customers who want stability in repayments,” she said.
ING’s other fixed rates have stayed the same; 1 year fixed is 6.89%p.a, 4 and 5 year fixed is priced at 7.94%p.a. Compare their Mortgage Simplifier variable rate at 6.74%p.a and the gap is closing this also could be a good indicator that rates will level out for the medium term.
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