GE money, based in Manchester

diamond_girl_5

Does anyone have any mortgage experience of this company? Good? Bad? %rates? please let me know

Wutang_2

Mega - although if you have bad credit, ease off for now as things are a little dodgy in the house-buying world

feisty1

diamond_girl wrote: »

Does anyone have any mortgage experience of this company? Good? Bad? %rates? please let me know

Why GE Money? Do u have an impaired credit file? See below the fee they charge for the pleasure of arranging yr mortgage!

A fee of 3.00% of your loan amount, subject to a minimum
of £1500 up to a maximum of £4000, is payable only
when your mortgage completes. For example, on a loan
of £75,000, the fee payable would be £2250.
We will also be paid commission from the lender on
completion of the mortgage contract. The amount of
commission will depend on the mortgage product; this
ranges from 1% to 3% of the loan amount. The average
commission we receive is 1.25%. For example, on a loan
of £75,000 with 1.25% commission level we will receive
£937.50 from the lender.

Tom_Kelly

They are a massive organisation. Mainly in loans and credit cards. Higher than standard interest rates as they tend to deal in higher risk lending. they are not sharks but should not be the first choice if borrowing money.

carlo

I think they're the only adverse lender around at the moment, and they're charging extortionate arrangement fees (£2,499 on our £148k mortgage) and rates (anyone fancy a 3yr fix at 9.19%?) to cover their backs risk-wise.

If you've got adverse credit and can afford to pay through the nose to get on the ladder then they're the guys for you. Oh and it's taken 6 months from AIP to offer letter for us, which must be some kind of record.

feisty1

carlo wrote: »

I think they're the only adverse lender around at the moment, and they're charging extortionate arrangement fees (£2,499 on our £148k mortgage) and rates (anyone fancy a 3yr fix at 9.19%?) quote]

NO they're not the only adverse lender around! 9.19 is an average sub prime rate in today's market.........Cheshire Corp 14% & they're doing plenty business

minimike2

Feisty....whats that you have posted about commission etc.....GE Aren't a broker....they are a lender. Im confused.

inamess200

We were going to use them DIP in July for £130000 applied for £100000 2 weeks later and it took them 9 weeks to say no - in the mean time we were living on our nerves as were the people we were supposed to be buying from - no circumstances had changed so why did they not say no in the first place!! As it happens we had already pulled out before they said no as the wqorld economy was too scarey but they do mess you around alot asking for everything in triplicate and still say no at the end!! Even when they have led you to believe it will be fine.

ginvzt

Yes, I heard of them - the repossession house, that we were considering buying, was mortgaged through them.

adr0ck

read all about them

http://en.wikipedia.org/wiki/GE_Money

http://en.wikipedia.org/wiki/General_Electric

GE is the 6th largest company in the world

Toughluck

Can't stand them. Bone IDOL is all I can say. They say they are lending, my view is they are not. I think they will stop UK mortgage lending soon.