Oakwood Home Loans!!!!!!!!!

Dan_1976

Knowing what cr@@ broker put through GMAC I imagine Oakwood will do anything to get rid of it!

lharri09

feisty1 wrote: »

They are mortgage brokers not lenders, they don't lend you the money to buy yr house, they arrange it.

They're neither lenders or brokers.... They run your mortgage as if it were still with GMAC etc.. they just don't do any initial lending.

Also, if they were in trouble, dont you think it would be a good thing for you!! Just like Northern Rock????

lharri09

adam1985 wrote: »

I was initially called in Sep 08 to see if I received the incentive discount offer, I naturally thought this was a wind up, so asked to be mailed with confirmation, this arrived in October 08, offering 15% off of my 106k mortgage if we completed by late November ( could not believe this, unheard off).

I had my property valued straight away and attempted to secure alternative BLT mortgage, this took a while due to lack of products, so finally contacted them in december stating that my property was valued at 100k.
Max buy to let is 75%LTV, they then offered 17% off, then 19%, now finally had my discount increased to 25%!!!!
:beer:
So I am having 26k knocked off providing I redeem by 27th Feb, cant believe this slice off good fortune!! The discount means my BTL flat now produces £150pcm of net income, again :beer:

I have used many tactics to increase the ammount that has been knocked off, more than happy to give examples/tips to anyone else if required, message me if need be!!!


Best Wishes
Adam1985

what a slice of good fortune indeed

Dan_1976

They buy the books off of GMAC then at the end of your fixed deal offer you a kak SVR and thats it!

Julieandmichael8

sapnin74 wrote: »

I have had personal experience with Oakwood Homeloans(same old story mortgage sold on by GMAC) and actually had my redemption penalties waved and 25% knocked off the amount i owed them, allowing me to remortgage and get a deal elsewhere at a better rate. Whether this was down to my personal circumstances or whether this was down to the people i had negoiating for me im not entirely sure, obviously i didnt question what was done for me. If anyone in the same position as i was wants me to put them in touch with the people i used im more than happy. Such a relief for me and my family to unshackle myself.
Anyway, my email is jamescov74 @ hotmail.com
Cheers

Would be really pleased to hear more information on this James - have tried to email you but it says the email address is incorrect.-can you check please?
Thanks
Julieandmichael8

Julieandmichael8

Would be really pleased to hear more information on this James as I am in the same position . But my mortgage is a buy to let with a ltv of abour 75-77%. The fixed rate ends in nov 09- 5.39% for 3 years. I have heard nothing about an early redemption offer. Have tried your email but it doesnt seem to be correct - says incorrect email address when I try to send. Could you check it please? Thanks again for your offer of help
Julieandmichael8

lharri09

Dan_1976 wrote: »

They buy the books off of GMAC then at the end of your fixed deal offer you a kak SVR and thats it!

thats not strictly true is it! lol

k7rks01

Hello all, First time poster but would like to let you all know that there is light at the end of the tunnel.
Received my refinance initiative letter from Oakwood in December and thought that I would take them up on the offer if I could get a re-mortgage. Last year fell into £6500 arrears but managed to pay back the arrears by overpaying by £1000 a month on top of my monthly DD of £1490. Was stretched to say the least but all was up to date by September. When the letter popped through the letterbox I thought they were kidding until I phoned them up and realized that they were serious. They were offering to waive the early repayment charge of £13,000 and discount 15% of my mortgage from £202,000 to £170,000. Wow. On the letter it says to phone a company called Think Pink. Phoned them and spoke to a Chris Marsh. Went through my story with him and he told me he would research and get back to me. 3 days later had a phone call from Chris to say that because of the arrears no-one would lend but keep going and pay 6 complete months and phone him back. 6 months passed and I phoned Oakwood to see if the initiative was ongoing to be told all letters were open to the end of May. Phoned Chris back and he done his research again and he came back to me. The only lender he could find was a Melton Mobray but that they were unwilling to lend because of a £10,000 secured loan on the property. Also they would only lend a maximum of 146,700. He had taken it upon himself to phone Oakwood for a further discount to cover the loan and the mortgage shortfall. They had agreed!!! He phoned me back and had to explain everything twice to me. I could not believe it. A mortgage including ERC of £215,000 reduced to £136,700, and the £10,000 secured loan makes a new mortgage of £146,700. This angel is saving me over £700 a month and reduced my mortgage by 34%. I cannot recommened Think Pink anymore highly than this.