gmac sold mortgage to north yorkshire svr?

spongey1973

ok, so my fixed rate of 5.59 ends on the 1/1/09, my original mortgage was with gmac, who then outsourced it to north yorkshire(scarborough building society), i cant remortgage cos in negative equity, so who's variable rate will i go onto? bearing in mind that, scarborough who i never took out a mortgage with! has a svr of 6.94 and gmac is 5.75. any ideas? cheers,tim.

spongey1973

also , cant currently get hold of my broker, but key fact sheet for mortage quotes all gmac rates, fixed and variable, surely scarborough bs are bound to the lower rate that i would have got from gmac?

spongey1973

anyone? lol

feisty1

Have you not thought about actually contacting the company who hold all your details and mortgage. They are better placed in giving you the correct information than a general discssion forum

Annsdil

Definately, North Yorkshire Mortgages will be able to supply you with all your mortgage information.

spongey1973

i have spoken to north yorshire and some right obnocious little burk just said "sorry, its tuff!" well i dont think its fair at all! and i wanna know what i might be able to do about it, any ideas?

RobertoMoir

They said "sorry, its tuff!" to which question? That makes no sense as a reply to the question you ask here.

silvercar

Check your terms and conditions. If they say that at the end of the fixed rate you move to the GMAC SVR then that is what should happen. If it doesn't say anything about what happens after the fixed rate ends then you will go onto the current lenders SVR. It may say they reserve the right to sell the mortgage and the new lenders terms apply.

all very well GMAC having a low SVR, if they sell all their mortgages they can quote a SVR of 0%, it won't apply to anyone.

paul4788

Im in exactly the same position and so will virtually every other customer with North Yorkshire Mortgages. I am in the process of complaining to both GMAC and North Yorkshire.

The position with North Yorkshire is that they purchased a large number of loans from GMAC which consisted of Buy to Let, Self Cert and Full Status Prime mortgages. Unfortunately they are treating all of them the same where the SVR is concerned.

About 12 months back the SVR for North Yorkshire was the same as Scarborough. However although Scarborough has reduced theirs to 5.5%, North Yorkshire's is 6.5%. Even GMAC is 5.75%.

At the end of this month Scarborough, North Yorkshire all become part of Skipton. Their SVR is I think 4.5%. What will happen to North Yorkshire customers is anybodies guess.

I am waiting for a final response from North Yorkshire but assuming things dont go well I will then take it to the ombudsman. My view is that GMAC have not complied with several FSA principles. (Principles 6 and 7 and Treating Customers Fairly). Their ability to transfer the mortgage was in their mortgage conditions booklet. They refer to this on their mortgage offers however it is noted as information only and inlude it with 3 other booklets which total 110 pages. In the Key Features document and the offer they say that at the end of the fixed rate period the rate will be the GMAC RFC SVR (not any old SVR and there is no reference to what happens if they sell the loan on or warnings etc). Therefore one would expect that when you go onto the SVR it will be as good as or better than GMAC's.

The nearest precedent I can find to this is when Halifax and Nationwide were forced to reduce their tracker rates becuase it was not mentioned in the Key Features Documents that there was a collar.

I'll keep an eye on the site but you can email me at [EMAIL="paulw4788@hotmail.co.uk"]paulw4788@hotmail.co.uk[/EMAIL] for more info and if anyone know's of a good solicitor who may be able to take this forward I'd be interested in hearing from them.

Paul

paul4788

Good news. If you're in this position North Yorkshire have just released 2 deals one a fix and one a tracker for existing GMAC customers. They are both @ 5.75% so dont touch the tracker with a barge pole.

They are also reducing the SVR to 5.99%.

It may be worth hanging on though as next month they become part of Skipton and it may reduce further.

My advice would be to phone them every week and see whether they are withdrawing products altogether or introducing new rates. Beware they can withdraw them at very short notice ie 24 hrs so you may want to get them whilst the rates are still there.

Wutang_2

paul4788 wrote: »

Good news. If you're in this position North Yorkshire have just released 2 deals one a fix and one a tracker for existing GMAC customers. They are both @ 5.75% so dont touch the tracker with a barge pole.

They are also reducing the SVR to 5.99%.

It may be worth hanging on though as next month they become part of Skipton and it may reduce further.

My advice would be to phone them every week and see whether they are withdrawing products altogether or introducing new rates. Beware they can withdraw them at very short notice ie 24 hrs so you may want to get them whilst the rates are still there.

Any LTV? Any credit history???