Oakwood waiving 15% of the mortgage balance to redeem?

Ian_Griffiths_Halifax

I'm not sure of the full details, but this is the basics of an email I've just received. Has anybody else heard any more about this?

Oakwood's handout could be good news for brokers.
If you have a client with an Oakwood BTL mortgage they could find themselves with a generous offer to redeem their mortgage as Oakwood is offering to waive 15% off the outstanding mortgage balance for many of its borrowers.

payless

Think Oakwood are parent company of Edues - who was in press with offer simliar deal last month

Ian_Griffiths_Halifax

Ah. I've never dealt with Oakwood so I assumed they were a subsiduary, but I did know about Edeus. I thought Edeus were just waiving redemption penalties though.

arkie

I have clients who's mortgage has been securitised to Oakwood, the lenders were as follows
Platform
GMAC
Kensington

payless

ownership link

http://www.mortgagesolutions-online.com/public/showPage.html?page=336175

Edeus offer
http://www.ftadviser.com/mortgageadviser/mortgages/news/article/20080707/3fe2ce60-4c15-11dd-ad9a-0015171400aa/edeus-encourages-borrowers-to-redeem-mortgages.jsp

Yes Oakwood would buy-in from others also
http://www.mfgonline.co.uk/mortgages/478/112/Asset_management/Oakwood_completes_mortgage_securitisation.htm
although think that part of the biz was sold on to CS

silvercar

I would have thought at a 15% discount the queues would be a mile long.

V8A

silvercar wrote: »

I would have thought at a 15% discount the queues would be a mile long.

Acutally this would be a que I would like to join. I have a mortgage with Oakwood and could move now and save some cash.

Does anyone know if they are approachable on this matter or how I should go about this?

Thanks for any advice in advance.

A.

Tiddler_2

I think it is an offer made by Oakwood to customers on deals they want to get rid of.

Had a customer call me about something else, who then threw this into the conversation. Think I read in Mortgage Strategy magazine that the offer has been made to 250 customers.

http://cde.cerosmedia.com/1Z48a913544cdee349.cde

bottom of page 4

Toughluck

Am I correct in thinking the customers will be adverse But-to-let? If so I find it very difficult to get them to fit and be beneficial to clients for the last few months.

V8A

Is it fair though to offer the deal to some and not others?

I will be more than a bit miffed if this is indeed the case. Any pointers before I ring them up.

neverdespairgirl

V8A wrote: »

Acutally this would be a que I would like to join. I have a mortgage with Oakwood and could move now and save some cash.

Does anyone know if they are approachable on this matter or how I should go about this?

The BBC link reckons it's a targeted offer - they will write to 250 people and offer this 15% for redemption:

http://news.bbc.co.uk/1/hi/business/7569665.stm

The Oakwood offer applies to 250 of its current borrowers.
Letters to the borrowers are coming from Engage Credit, whose chief executive Jason Miller said he had been asked to encourage borrowers to leave.
"At the direction of Oakwood Homeloans, Engage Credit has deployed a strategy to target selected borrowers which will allow them to redeem their outstanding mortgage balances at a discount," he told the website Mortgage Strategy.
"This strategy will allow Oakwood to deleverage its exposure to the housing market while giving selected borrowers incentives to refinance," he explained.


It doesn't look like they will take applications, rather they will offer it. Can't hurt to ask, I suppose, but don't count on it.