Mortgage Statment - GMAC RFC

evnsj6

Hello,

Its confused me again!!!!
Just asked GMAC RFC for my mortgage statement for the last 2 years as my fixed rate is coming to an end in May.

And I am looking to shop round for a mortgage.

Well to my suprise, I owe more now than when I started out, and the interest charged on the interest only (Fixed 2 years)mortgage has been changing every month, so the payments we have been making havent been covering the interest on the mortgage.

Can someone please explain to me, !!!!!! is going on and !!!!!! i can do ?

Thanks

thebigboss_2

I have two BTL's one has stayed with GMAC and the SVR is currently 5.75% the other was sold on to Oakwood homeloans who have now reduced their SVR to around 4%.

I think pressure should be put on GMAC to reduce in line with other lenders instead of their "sit tight and recoup" attitude. i took a lot of stick from industry professional last time I mooted this being told "you knew the risks when you took it on, blah blah blah etc....." but I don't care! This is a consumer forum and if this is the way to get lenders to reduce their SVR so be it.

So come on GMAC SVR people, make your voice heard, call or write to GMAC asking them WHEN they're going to do it!

thebigboss_2

Hi evnsj6,

If your rate was fixed for two years the rate you pay should not have changed one bit since you took it out. There may have been charges added to the loan at the start which have taken it slightly above the original loan amount. If the interest has been changing every month it is not a fixed rate. Send me a personal message and I can refer you to someone who will tell you exactly !!!!!! is going on.

evnsj6 wrote: »

Hello,

Its confused me again!!!!
Just asked GMAC RFC for my mortgage statement for the last 2 years as my fixed rate is coming to an end in May.

And I am looking to shop round for a mortgage.

Well to my suprise, I owe more now than when I started out, and the interest charged on the interest only (Fixed 2 years)mortgage has been changing every month, so the payments we have been making havent been covering the interest on the mortgage.

Can someone please explain to me, !!!!!! is going on and !!!!!! i can do ?

Thanks