Mortgage Agency Services Number Five Limited - MAS No.5 - Insurance Problems

bigmumma_2 · 15 April 2013 at 8:26AM

Hi there
Just seen this post and appreciate its an old one but saw the last reply was only recent so thought I'd give it a go....have to totally agree about MAS No. 5 Ltd - we were also sold to them in 2007 without any choice/notice/clue it was going to happen and we've been furious with the amount of times our mortgage rate has been increased since, considering the base rate has stayed the same for years and is the lowest ever. They well and truly have us over a barrel because our house has a poor loan to value rate - we're not in negative equity but our house is probably worth little more than when we brought it and we got a 90% interest only mortgage (big mistake).
Anyway, they have also astounded me by not being able to produce a contract - they said they do not have a copy of this. I started to wonder if these guys were cowboys and even legal......hence I did a google search and found this post. I guess I need to put my request for a copy of a contract in writing before complaining to the FO? I am dreading another letter from them coming through my door any day now telling me it's gone up yet again.....

wigeon_2 · 19 June 2013 at 5:17PM

As the mortgage is fairly new send GMAC RFC a SARN we have the same problem for a client with this company, also try and remember if the mortgage was brokered and send the broker a SARN as well it is worth doing as they have to have the documents your referring to.

Paul_the_Ball · 16 August 2013 at 9:17PM

Well as everyone else my mortgage was sold to MAS number 5 Ltd by GMAC, I didnt even realise untill my rate constantly increased.
Now I have a real problem and am finding them very uncooperative, a surprise as they are a division of THE COOPERATIVE BANK.
I was recently made redundant and have found it hard to continue with the payments but have continued to struggle through, due to unforseen circumstances I have for the first time since opening the mortgage in 2004 fallen behind with payments, my daughter has agreed to assist and we invited MAS field service agent to the house and made an offer whereby we pay the normal monthly ammount due and an additional sum which will clear the debt within 2 years, every letter and visit adds costs to the debt. (admin charges)
After two weeks of making this offer, they choose to ignore the offer and are now seeking repossesion through the county court.
I am in the process of complaining and asking for a full refund of all charges and a freeze on any future charges as they have proven to be totally incompetant and have displayed a complete lack of communication within there own departments.

I will set a time limit for a response and then forward all the details to the Financial Ombudsman.
I believe they are unethical, uncaring and unhelpful, they have caused undue stress to my family and myself. finally I cannot believe they regularly continue to increase the % interest rate even though the base rate has remained static for quite sometime.
Who else is suffering at the hands of these bully boy tactics?

_Andy_ · 16 August 2013 at 9:42PM

" I cannot believe they regularly continue to increase the % interest rate even though the base rate has remained static for quite sometime."

the base rate has no bearing on a variable rate product, nor the cost for a mortgage lender to acquire the funds.

Paul_the_Ball · 19 August 2013 at 3:04PM

Totally confused, don't pretend to be a financial wiz kid but do know an interest only mortgage is designed to keep the monthly payments to a minimum but find that I am paying double what other borrowers are paying for the same size loan, I would gladly change my lender but at the age of 61 and recently redundant makes this option verty difficult, looks like I'm stuck with these Rip off Merchants, "A DIVISION OF THE COOPERATIVE BANK" yet another Ethical,Caring,Bank, I don't think.
MAS Number Five Ltd Alias:Rip off,uncaring, unethical lender.:mad:

Favieres · 24 January 2014 at 5:41PM

Hello
I am new to the forum and have joined because I have been looking in to a problem that my Mum is having with MAS number 6. She is 73 years old and it is making her ill.

She has had a mortgage with them for several years and they have been aware of her tenant and accepted her tenant in writing. This year they have decided that she has to pay 100 per month extra because of her tenant and that she has to sign a new contract which they sent her. I told her it was suspicious and she should check it out - they then told her that if she did not sign she would be in breach of contract and they would send her another contract costing her more money and the interest rate could change. They said they would take the money anyway - which they have not done.
Do they have the right to change her contract and force her to sign a new one?
I have told her not to sign and am looking in to it for her as she has not much money and she is very worried about it, plus her mortgage term finishes in 20 months - she has to sell the house before this - so why would they wait until this time and demand more money? She has complied with all their insurance requirements and legal proof they have asked for regarding the tenant over the last few years. I would be very grateful for any advice.

Thank you.

Siliquaesid · 13 December 2014 at 10:43PM

MAS are nothing but a bunch of want-wit criminals. I had a friend call them and ask if they capitalised arrears, a "supervisor" halted the call. I'm guessing that they DO (as per Bank of Scotland).

The SOLE purpose of MAS is to push you into arrears and capitalise on YOUR misery. What unconscionable c*nts they are. Goddam bottom feeders the LOWEST of the LOW. Quite how the Co-Op can be involved with this bunch of low life's is beyond me, but then that's banks ALL over.

IF you are in a "dispossession" (theft) of property by them INSIST that they produce the DEED and NOTE in the court, if they say they don't have to INSIST (DO NOT BACK DOWN) until you get what you want. I'll lay you £1000 they they can't EVER produce these documents. then declare the account IN DISPUTE and tell them to go F*ck themselves.

Face it folk ALL the big banks are criminals, they rub out faces in it daily.

Co-Operative, Good with food, crap with banking!! Spread it around it's their new slogan and tell EVERYONE about MAS (Co-Ops DIRTY little secret).

gopher_broke · 11 January 2015 at 10:42PM

I am in the same predicament with MAS and phoned and told them they were charging too much and received a snotty letter telling I knew all the details when I signed with them,. I actually was put with Gmac by a motgage advisor even though I paid £20k deposit. Had I realised, I could have gone to one of the high street lenders and got a much better deal. After six months, I was passed to MAS and when mortgage rate started going down they lowered their rates until bank tare reached 0.05 %. After a few months they raised their rates and did this periodically until they charging 5.75%. I went to see my MP the other day who was quite surprised to find they are part of the CO-OP and will look into it and see if there is anything can be done. I would advise every one to see their MP and if enough MPs get talking , well, maybe something might happen But, go see your MP for a start. Regards g.b

Siliquaesid · 17 February 2015 at 5:03PM

http://forums.moneysavingexpert.com/showthread.php?p=68058966#post68058966

These articles are the result of 5 years of research into the questionable activities of these companies. THere is still a WHOLE load more dirt to uncover, but what I state is PROVABLE and I can provide the documents to do so, in fact I will, to the Police, on Monday 30 March 2015.

Feel free to conduct your own research too, you may well uncover something important.

ENJOY.. Pass it round, post it on Facebook, newspapers where EVER you can. Let's get this VIRAL.

Siliquaesid · 9 March 2015 at 3:09AM

Hehehe

Goto masno5 dot co dot uk

'Nuff said!!

Mortgage Agency Services Number Five Limited - MAS No.5 - Insurance Problems

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