Redstone mortgages. Just put my rate up by 0.85%!

24

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  • I am new also, joined just now because I have applied to a broker who has passed my application for re-mortgage to Beacon homeloans who have sent me a Direct Debit form showing the name and address of Redstone Mortgages plc!!!

    Am I jumping into the fat from the frying pan as I am leaving GMAC because they have raised my mortgage payments on a £90,000 to £800 per month, they put the payments up by £100 two months ago with the same LIBOR explanation quoted by the OP

    I have been with GMAC for over three years now and I am out of my discounted period, do you think a fixed rate mortgage for two or three years is a good option, the payments will be similar but I can borrow more to use as home improvements

    it seems that the mortgages companies are preying on anyone who has a few defaults or CCJs and making us pay through our noses
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Hi there

    Welcome to the board

    Have you had new adverse credit whilst with gmac? Or is it all old adverse credit on your file?

    Can you give some details?

    Reason being, is if it is all old adverse credit information, then you may now be in a position to look at high street lenders that are more sympathetic to you scenario
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • ManAtHome
    ManAtHome Posts: 8,512
    First Anniversary Combo Breaker
    Forumite
    LIBOR has dropped nearly half a percent since mid-September - there was a 'spike' August/Sept as banks weren't freely lending to each other, so LIBOR-linked rates should have dropped recently (dunno how often these companies review their rates).
  • herbiesjp wrote: »
    Hi there

    Welcome to the board

    Have you had new adverse credit whilst with gmac? Or is it all old adverse credit on your file?

    Can you give some details?

    Reason being, is if it is all old adverse credit information, then you may now be in a position to look at high street lenders that are more sympathetic to you scenario


    Toby Dog - sorry for hijacking your thread but it all relates to Redstone so bear with me

    herbiesjp - its old ccjs dating back to 2004, two are partly paid and one I am paying off right now but there has been no new adverse credit info since then

    except mmm last year, I asked GMAC for an advance, they offered me £3,000 so I agreed, filled in the forms, went ahead and overspent at Christmas so putting myself behind a mortgage payment, (stupid I know), well they reneged on the advance citing the missed payment and that was it, I caught up but there were costs added on plus increases every couple of months so I have ended up with a deficit of around £600 each month comprising of fees etc

    I regret missing that one payment and messing up but looks like I will have to pay, oh what a dream to be able to go to the High street but it may not be possible until 2010 or thats what they tell me

    Hg x
  • Hackney girl

    Not a problem - thats what the threads are here for.
    All the best
  • Redstone had me evicted for being over four grand in front!!!!!!!!!

    I have been reading through your information posted on forums.moneysavingexpert.com. I am glad that some one out there understands exactly what is happening to us RIGHT NOW... Redstone removed over three thousand pounds in payments from my bank account in payments they said were owed, although the actual amounts varied and did not correspond to what should have been our normal monthly payment. And the monies never made it onto our mortgage account. Effectively putting us into arrears. Since then we have had another three thousand five hundred pounds "stolen" from my bank account. Although they deny this.

    On the 15th September 2008 we received a letter saying payments have been found and that they are crediting this amount to the mortgage balance. Also that there was no need to attend court on the 19th September 2008 as they were not going to defend their position. As we had heard nothing from the court we attended court anyway. Redstone sent a BARRISTER a SOLICITOR and A LEGAL EXECUTIVE to challenge me for possession on this date. The Judge on this occassion , after allowing herself to be blinded by facts and figures that had no bearing on OUR particular case, namely missing payments. Awarded a possession order to Redstone Mortgages, under the suggestion that I could not prove that I would NOT go into arrears in the future.

    They were ordered by another judge at a different hearing earlier this year, to pay us fifteen thousand pounds in costs and to recalculate the monthly payment to reflect this. They admitted that taking the court order into account. THEY owed us over four thousand pounds in overpayments. and that they would refund this. I am still waiting, but not with baited breath.

    On the 17th October we returned to court to challenge the possession order, The Judge on this occassion told us that we had to "refund" the amount of seven thousand pounds to redstone, as the costs previoulsy awarded were, in his opinion, to high. The Judge gave us 28 days to pay the money and told Wragge and co, their client had 14 days to pay the four thousand some odd pounds to us. We requested a variationon the order which was denied outright. That never even made it to a court date. By this point we had just received notification of the eviction date being the 24th October 2008 at 1130. We had no choice at this point other than to request a suspension on the eviction date. The hearing was set for the 23rd October 2008, but carried over to the 24th October 2008. A friend of ours had offered to pay the money on our behalf SHOULD it be required. The Judge rejected this saying that as we had to borrow the money, we would be putting ourselves into debt, and the mortgage would not get paid in any event. He ordered the eviction date to stand. Which was an hour after we left court. We paid the money anyway, but the bailliffs were already at our home when we got back from the bank. When they rang the infamous WRAGG AND CO, they doubled the payment required, They were now asking for just over fourteen thousand pounds. I handed the phone to my partner, when they spoke to him they wanted over eighty thousand. Our original mortgage balance was only 67500.

    So if you have any information or help for me, as we are now taking this case to the High Courts in London to be dealt with. I would greatly appreciate it.

    Thanks


    Sareanne Walsh
    Neil Rowlinson

    P.S After that I cancelled my direct debit as I could not trust them to maintain the normal monthly payment. Since then I discovered the direct debit that I thought I had cancelled was still active. When I checked this with the bank they advised that ANYONE that I owe money to can FORCIBLY instruct a direct debit onto my bank account, which is exactly what redstone have done. I have no control over the direct debit and cannot cancel it, nor am I protected by the direct debit guarantee.
  • minimike2
    minimike2 Posts: 2,210
    Name Dropper First Post First Anniversary
    Forumite
    Conrad....No broker in thier right mind will write a letter pre-sale to say that the lender wont sell the mortgage on.

    ANY company can sell on a mortgage - who are we to give such a gurantee?

    Also "I am of the opinion that only fixed rates are suitable for people who have had some bad credit." - That is a VERY sweeping statement to make and also a poor view to take IMO. I would love to hear you justify that. Not very TCF is it...

    "Oh hi there new client. Whats that you say? You have had bad credit? Thats a fixed rate for you then".

    I can understand your point in saying it, however fundamentally, you are wrong. Fixed vs Tracker / variable should always be determined by the individuals overall circumstances. NOT just off the back of thier credit history. That statement is as bad as Martin Leweis recommending people dont take out CI cover.
  • Redstone had me evicted for being over four grand in front!!!!!!!!!

    I have been reading through your information posted on forums.moneysavingexpert.com. I am glad that some one out there understands exactly what is happening to us RIGHT NOW... Redstone removed over three thousand pounds in payments from my bank account in payments they said were owed, although the actual amounts varied and did not correspond to what should have been our normal monthly payment. And the monies never made it onto our mortgage account. Effectively putting us into arrears. Since then we have had another three thousand five hundred pounds "stolen" from my bank account. Although they deny this.

    On the 15th September 2008 we received a letter saying payments have been found and that they are crediting this amount to the mortgage balance. Also that there was no need to attend court on the 19th September 2008 as they were not going to defend their position. As we had heard nothing from the court we attended court anyway. Redstone sent a BARRISTER a SOLICITOR and A LEGAL EXECUTIVE to challenge me for possession on this date. The Judge on this occassion , after allowing herself to be blinded by facts and figures that had no bearing on OUR particular case, namely missing payments. Awarded a possession order to Redstone Mortgages, under the suggestion that I could not prove that I would NOT go into arrears in the future.

    They were ordered by another judge at a different hearing earlier this year, to pay us fifteen thousand pounds in costs and to recalculate the monthly payment to reflect this. They admitted that taking the court order into account. THEY owed us over four thousand pounds in overpayments. and that they would refund this. I am still waiting, but not with baited breath.

    On the 17th October we returned to court to challenge the possession order, The Judge on this occassion told us that we had to "refund" the amount of seven thousand pounds to redstone, as the costs previoulsy awarded were, in his opinion, to high. The Judge gave us 28 days to pay the money and told Wragge and co, their client had 14 days to pay the four thousand some odd pounds to us. We requested a variationon the order which was denied outright. That never even made it to a court date. By this point we had just received notification of the eviction date being the 24th October 2008 at 1130. We had no choice at this point other than to request a suspension on the eviction date. The hearing was set for the 23rd October 2008, but carried over to the 24th October 2008. A friend of ours had offered to pay the money on our behalf SHOULD it be required. The Judge rejected this saying that as we had to borrow the money, we would be putting ourselves into debt, and the mortgage would not get paid in any event. He ordered the eviction date to stand. Which was an hour after we left court. We paid the money anyway, but the bailliffs were already at our home when we got back from the bank. When they rang the infamous WRAGG AND CO, they doubled the payment required, They were now asking for just over fourteen thousand pounds. I handed the phone to my partner, when they spoke to him they wanted over eighty thousand. Our original mortgage balance was only 67500.

    So if you have any information or help for me, as we are now taking this case to the High Courts in London to be dealt with. I would greatly appreciate it.

    Thanks


    Sareanne Walsh
    Neil Rowlinson

    P.S After that I cancelled my direct debit as I could not trust them to maintain the normal monthly payment. Since then I discovered the direct debit that I thought I had cancelled was still active. When I checked this with the bank they advised that ANYONE that I owe money to can FORCIBLY instruct a direct debit onto my bank account, which is exactly what redstone have done. I have no control over the direct debit and cannot cancel it, nor am I protected by the direct debit guarantee.

    Wow !! I don't like the sound of this. I'm with Redstone too (originally I struck the deal with Amber loans but they sold my mortgage on to Redstone). I have the relative protection of a fixed rate until next August/September but have started to dread what might happen after that. I even got a bit of unsolicited mail from them a few days ago. It was a budget planner (not for them but for my eyes only). I've already had a small taste of what this company can be like. Even though I'm on a fixed rate, they started threatening to raise it because I was a bit slow sending them a copy of my buildings insurance with their interest noted on it (not my fault as I had to write to the freeholder for it). They require this paperwork every year too. When my mortgage was with one of the main lenders, they never hassled me about this. It looks like I may be stuck with a playground bully as a lender because it's unlikely that I will be in a position to switch lender for a good few years yet. I suppose the thing to do is get my unsecured debts down and when I can afford to (God knows when), start throwing extra payments at the mortgage with a view to moving it eventually. Obviously, I will need to leave sub prime territory first and that could take a few years.
  • *Louise*
    *Louise* Posts: 9,197 Forumite
    Wow !! I don't like the sound of this. I'm with Redstone too (originally I struck the deal with Amber loans but they sold my mortgage on to Redstone). I have the relative protection of a fixed rate until next August/September but have started to dread what might happen after that. I even got a bit of unsolicited mail from them a few days ago. It was a budget planner (not for them but for my eyes only). I've already had a small taste of what this company can be like. Even though I'm on a fixed rate, they started threatening to raise it because I was a bit slow sending them a copy of my buildings insurance with their interest noted on it (not my fault as I had to write to the freeholder for it). They require this paperwork every year too. When my mortgage was with one of the main lenders, they never hassled me about this. It looks like I may be stuck with a playground bully as a lender because it's unlikely that I will be in a position to switch lender for a good few years yet. I suppose the thing to do is get my unsecured debts down and when I can afford to (God knows when), start throwing extra payments at the mortgage with a view to moving it eventually. Obviously, I will need to leave sub prime territory first and that could take a few years.


    Hmmmm

    I am with them as well and imo they are wose than useless.

    I got a letter a few months back saying my mortgage had been wrongly calculated and they would add it on at the end of the fixed period. Then I got a letter last month saying my mortgage had been wrongly calculated and they were raising my monthly payments (only by £10, but they are the muppets who worked it out in the first place):rolleyes:

    I have recently had a budget planner from them as well (had a laugh about that):D and yesterday received a letter instructing me to make sure they are named on my insurance. It didn't say I had to send a copy, so I'm glad I read your post - I will check before they start getting antsy with me.

    I have 2 years left on theur fixed rate...I will be glad to get rid of them when it's up!
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  • hello ,redstone have done the same to me to and told me they have calculated the interest rate wrong on the mortgage and told me that they wouldnt charge me anything till the end of the fixed rate its just s scam theirs probably hundreds their doing this to then when your fixed rate ends they will charge you for being in arrears and all other money scams they can think off i have put in a formal complaint asking in detail the figures on which they have calculated all these mistakes dont let them get away with this you think their just going to add 10 pounds every month thats nothing to whats going to happen i am making my complaint to the finacial ombudsman and i suggest anyone else do the same ,so they can look into these robbers
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