GMAC - Interest rate cut ????

meestaman123

Hi, does anyone know if GMAC plan on following the other banks in cutting their SVR ? Would be a nice xmas present if they could find it in their hearts to do this !

_Andy_

Have you rung them and asked?

unite79

You need to find out who GMAC sold you to.

simonts

meestaman123 wrote: »

Hi, does anyone know if GMAC plan on following the other banks in cutting their SVR ? Would be a nice xmas present if they could find it in their hearts to do this !

Yes 1.5% cut

thebigboss_2

I just spoke to GMAC and they said they have no plans to cut the SVR, currently at 6.99% The very nice lady on the phone even said "we're going to sit tight and recoup, but I never said that"

I feel pressure should be across the board to pass on rate cuts. I have clients who are "trapped" in gmac 89% Buy To Let deals that they cannot move away from. OK they didn't have to take them but now gmac has got them by the short and curlies and they know it!

Banks have nothing in their hearts because they don't have hearts.

thebigboss_2

simonts wrote: »

Yes 1.5% cut

Where did you hear this Simonts?

directstep

Does anybody truly know if GMAC are passing on any of the 1.5% cut? I have a standard variable mortgage with them and I only recall one small cut this year....

In my view it doesn't help anybody (simonts) making brash statements and not substantiating. Leads to false hope when it's a desperate situation for many people.

thebigboss_2

I have had written confirmation this morning that GMAC are reducing their SVR to 5.75% with effect from December 2008 payments. not the full whack but a ggod chunk of it. :j :T :beer:

directstep

That would be good enough and most of the rate cut passed on - but I've had no confirmation as yet and my next mortgage payment is due next week. Just hoping this
is right..... thanks

directstep

My GMAC mortgage DD went out today and I have received no rate cut at all so I'm wondering how anybodys had written confirmation etc ???

gunsandbanjos

My GMAC mortgage hasnt been cut at all:( Really annoyed, we are stuck on the SVR and cant switch.