Wrong mortgage advice

robnye

claire1977 wrote: »

Thanks for the replies, our current deal was only a one year discounted rate so ended 2.5 yrs ago. I spoke to about 3 people who all said the same thing - there was no way to change repayment method with out a remortgage. Will phone again and get all the reasons put in writing.
Thanks

if you phoned the local office (sales), then they are likely to fob you off, to try and get you to make an appointment and remortgage

have you tried contacting the main office (watford i think someone mentioned)?
if you did - did they give the same info.....

if you are not tied into any deal, then there shouldnt be any restrictions ... sounds strange to me

lee_is_sinking

Hi Claire

I am in the same boat as you at the moment on a Interest only mortgage with GE Money and not being able to swap over to repayment as they only set it up as a remortgage and I dont have enough equity in my house!

I have been told by there customer services today that within the next month customer services are setting up a new service which will allow all interest only mortgages to switch over to repayments and will leave any existing debts on a house alone e.g secured loans.

The only thing she did say was that she wasnt clear if you would get a new interest rate as its not a new mortgage contract so it may turn out that you will be paying back money on the standard variable rate.

Hope this helps????

dunstonh

You are being fobbed off at best and at worst lied to so they can generate a sale.

You do not need to remortgage to switch between interest only and capital & repayment.

UK007BullDog

I think if this is how GE treat their customers they should be investigated by the FSA pronto!!!!!

Are they for real???

You can change to repayment even if your equity is not there as you would start to repay the mortgage to get out of negative equity.

I am starting to get very angry with them.....

lee_is_sinking

I agree Bulldog thats what I thought as I said that to them as I have a secured loan and at this rate I would be stuck on this variable rate of 7.5% until my secured loan finished but as I put above that is exactly what they have told me today,that I can defiantely do it but have to wait about a month for them to set the facility up 1st!!:mad:

happybroker

They have the facility already Lee.

Think about it, a client gets into short term financial difficulty and calls GE like a good boy to explain. They agree for him to go to Interest Only for say 3 months and then review. After the review every one is happy again and they switch him back to repayment. It can be done, it's button pushing for goodness sake.

You and OP are being fobbed off!!

minimike2

Me and thier BDM are playing voicemail tennis at the moment, so I have no definative answer from her as yet im afraid.

Agree with all of the comments above though. Do not back down on this, they are not acting fairly to you. FSA would have a field day with this!

Toughluck

Bulldog,

I lost my rag a long time ago with GE Money. No doubt should they bring their rate card in line with other "relatively clean" lending criteria I may go back to them but currently they are languishing at the bottom of the Beazer Home league premier division as far as I am concerned as they move the goal posts from one week to the next on cases I have actually with them.