Barclays acquires ING Direct UK mortgage book
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by Gill Montia
Homeowners who are mortgage borrowers with ING Direct UK are to transfer to Barclays, which is acquiring the online bank.
As part of the deal, ING Direct UK’s mortgage book, which has outstanding balances of £5.6 billion and a loan to value ratio of 50%, will change hands at a discount of around 3%.
Barclays says it will continue using the lender’s operations and platforms to service ING Direct customers, until integration is complete.
The bank has also reassured customers that they can expect to continue to enjoy at least equivalent terms and conditions to those they currently have with ING Direct UK.
The deal is subject to regulatory approval but is expected to complete in June / July 2013.
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