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ING Direct scraps application deadline

ING Direct has scrapped the deadline for accepting new mortgage applications as it prepares to launch a new 1.94 per cent two-year tracker.

In January, ING Direct announced it will not accept mortgage applications after 28 February ahead of the planned transfer of business to Barclays

However, intermediaries are now being informed the deal with Barclays is still subject to legal clearance so the deadline has been lifted.

An ING Direct spokesman says: “ING Direct is continuing to write new mortgage business and pricing its range of products in an effort to hit its own business plans. We have informed brokers that we will be accepting new mortgage applications up until the date the sale to Barclays is completed.”

Last week, ING Direct launched a 1.94 per cent two-year tracker mortgage at 60 per cent LTV with a £1,750 product fee and a £195 booking fee.

The lender is also making a number of other cuts to its two and five-year range, including a 0.5 per cent reduction to its two-year tracker up to 80 per cent LTV, taking the rate down from 3.09 per cent to 2.59 per cent.

Barclays did not confirm whether the new trackers will be added to the Barclays mortgage product range when the deal is finalised but said it will honour pipeline applications.

A Barclays spokeswoman says: “Barclays is not in a position to comment on future business plans but we will honour all applications received up to and including the completion date.”

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