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ING claims it will open up loan market

New entrant to the lending market ING Direct has promised it will maintain what it describes as its competitive and transparent product range when it eventually opens its doors to brokers.

The lender, which has built its reputation on offering competitive savings rates, last week launched into the direct mortgage market but insists it will eventually seek customers via intermediaries but has not put a timescale on when that may happen.

The ING range has no exit fees and there are no fees at all on its flexible mortgage. The company concedes that its products are unlikely to reach the top of the best buy tables but instead believes that borrowers will have access to a more transparent range.

It also confirms that it will offer automated valuations from Hometrack.

ING spokesman Martin Rutland says: “Our offering is very competitive and not just about no exit fees. That will all apply to our broker offering when it comes out.

“Mortgages at the moment are riddled with fees and nasty surprises and people are often blind to that. Consumers are free to vote with their feet if they do not like us but we are transparent.”

Alexander Hall chief operating officer Andy Pratt says: “Based on its track record in savings, ING is likely to be transparent and that is good to see. The one issue is that brokers might see it in a negative light as they are direct so it will not create the best impression for the intermediary market for when it starts to trade through brokers.”

Moneysupermarket.com head of mortgages Louise Cuming says: “Although borrowers may be able to benefit from more competitive rates elsewhere, the fact this product comes without any hidden fees is to be applauded.”

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