ING Direct to cease mortgage trading

ING Direct is to stop accepting new mortgage applications from Thursday 28 February as part of its takeover by Barclays. The UK arm of ING Direct was sold to Barclays last year and is expected to transfer all of its business over to the bank by March.

The lender will stop accepting new applications from the end of next month and mortgage brokers will be asked to submit any new cases to Barclays’ intermediary brand Woolwich from March onwards.

ING Direct have, however, confirmed that any mortgages still in the pipeline on 28th February will be taken through to completion.

The deal will see Barclays acquire ING Direct’s mortgage book of £5.6bn and deposits of £10.9bn while ING’s 750 staff and 1.5m customers will also transfer directly to Barclays as part of the takeover.