We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage proposals
Pabloshields
Posts: 1 Newbie
I am nearing the end og my fixed term rate. Expiration is due 1st of July, my lender GMAC RFC has contacted me with a proposal. They are asking me to find a new lender and in return they will waver any early release fee's and deduct thousands pounds of the current outstanding balance? does anyone know why they would make such a proposal????
Cheers
Cheers
0
Comments
-
They are desperate to offload their mortgages.
Traditionally, GMAC arranged mortgages, then sold them on to other lenders within a few months. No other lenders want them now though.
Don't panic though, they can't force you to go elsewhere if you are unable to find a better deal than you currently have.I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.6K Banking & Borrowing
- 254.8K Reduce Debt & Boost Income
- 456.1K Spending & Discounts
- 248.2K Work, Benefits & Business
- 605.7K Mortgages, Homes & Bills
- 179K Life & Family
- 263.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards