gmac sold mortgage to north yorkshire svr?

koexelek

I think when a lender bought a GMAC mortgage they had to honour the initial terms, but after the product expired, they were ale to do what they liked

paul4788

Hi wutang, yes m guessing thats the case. Most lenders dont do any further credit checks when changing products providing youre up to date with payments and youre not borrowing any extra money

thebigboss_2

I agree 100%, if you believe you have a grievance you are entitled to complain, I believe the only way to gain any leverage on lenders is to complain and complain loudly. Well done!

paul4788 wrote: »

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.

pinkpiglit

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.

Hi All,

I'm in the same position myself with a fixed rate ending in June.

I tried calling North Yorks today and asked them about the fixed rate products they're offering to GMAC customers. As soon as I mentioned the words "GMAC" you could almost feel the icy coldness coming down the phone line. I was told in no uncertain terms that there are no products on offer for GMAC customers, or any other customers for that fact, and that they haven't offered any new products for 10 months.

Hmmmm. :mad:

I shall keep calling them every week as it sounds like something fishy is going on here! Surely they could admit to having released a product and since withdrawn it, but to flat out deny it?!?! Thats just wrong.

MATTHEW200018

Hi,

I'm also in the same position.

Now totally confussed as ive been looking at variious websites and found that all Scarborough customers will benifit from Skiptons lower SVR however, Scarborough SVR is different to North Yorkshire and cant find anywhere in plain old English what North Yorkshire customers SVR is going to be.

pinkpiglit

North Yorks dont advertise their rates on the web - I asked when I called them. They dont even have a website apart from a single page buried within the Scarborough BS website (http://www.scarboroughms.co.uk/nym/)

When I spoke to them yesterday, they told me their SVR had "dropped" to 5.99%. Previously, whilst the base rate was 1.5%, North Yorks' SVR was 6.49%.

This means that they charge 4.99% above the BOE base rate.

Absolutely shocking !!

pinkpiglit

sorry, I also should have said that the 5.99% SVR quoted by North Yorks related to the BOE rate of 1%.

So in theory with the base rate at 0.5%, the new SVR should be 5.49%

markblues

Hey guys, I'm a little thick but when i called them up the other week they said the SVR is 7.4 or something?
So, i was of course GMAC customer and now North yorkshire. SO in my case when my fixed term ends in june what north yorkshire likely to have there rate at? Any guesses? Can I do anything before my rate goes sky high to their criminal rate
Cheers guys

Rossa_3

I was GMAC customer in Dec 2006 on a Fixed Rate product. In April 2007, they sold on the mortage to North Yorkshire who then sold on the mortgage to Topaz Finance Plc. It took me until September 2008 to establish that Scarborough Mortgage Services, part of Scarborough B.Society was operating the account.

Every time I asked if the adviser worked for Topaz (and before that N.Yorks) they wouldn't give me a straight answer. SMS operates mortgage accounts for number of companies so if Scarboro B.S and North Yorks B.S. merge with Skipton you may find that all the mortgage accounts are still handled by Scarborough Mortgage Services, a subsidiary administration company.

So you are NOT talking to the lender only an adminstration company, which is why they have no idea what you may be talking about. I have never been able to talk to anyone at the actual lender despite repeated requests. I had to do my own search on the internet to unravel who was who.

As Topaz has sub-contracted the operation of my account to SMS, they are the only ones I can deal with which is very frustrating. It has taken more than 3 months just to find out if there is a collar on my account as fortunately I came off a fixed onto a Tracker. They had to dig out a copy of my contract to check before confirming in writing that there isn't one, after a call centre adviser had guessed it might be 1%!

Don't let them fob you off with anything they say on the phone. Always ask for confirmation in writing and make a pest of yourself if they don't. And you will have to read your KFI and the T&Cs carefully to make sure of your facts. I complained last year and had to provide proof of what it said in my documentation to back up my case.

In all cases whoever the original lender is, they have to stick to the terms and conditions of the original mortgage contract you signed. If it says SVR it should say what the SVR was at the time you took out the mortgage. They are not allowed to vary the SVR to another rate unless it says so in your KFI or T&Cs.

If no rate is given then it has to be the GMAC SVR in place when your fixed rate ends. They can't impose anything else as your original contract was with GMAC. Obviously if the SVR offered to you is less than GMACs it may be worth keeping quiet about it.

Otherwise, shop around and see if you can get a better deal elsewhere if you are able to.

markblues

Hey guys, also what is the best way for us all to complain. What is theri number? i cant find it advertised anywhere. I did have it from GMAC but lost it. Maybe anyone who has it can share it here. Indeed their website is rubbish and amature.
Thanks
Mark
p.s. maybe together we can do something