Let's Lobby GMAC to reduce their SVR

thebigboss_2

I've posted on this before and took a lot of flack but that's ok, a good stimulated debate is never a bad thing!

Here's the facts:

• GMAC SVR is still at 5.75% despite the base rate dropping to 1%
• Other lenders have reduced their SVR in line with the base rate drops
• The government has pressured some lenders, but not all, to reduce their SVR
• When I called I was told "we're going to sit tight and recoup"
• GMAC update their website http://www.gmacrfc.co.uk/home with the latest Libor, SVR and BBR, their SVR and BBR are correct at 5.75% and 1% respectively but they post Libor at 3.19% when emoneyfacts https://www.emoneyfacts.co.uk/default.aspx quotes the 3 month rate that most people reference and the media generally quote, currently 2.10063%.

If you are on the GMAC SVR and you want it to change use your people power, call GMAC on 0844 770 8030, email them on [EMAIL="administration@gmacrfc.co.uk"]administration@gmacrfc.co.uk[/EMAIL] Ask them the simple question, when they are going to reduce it?

The only way to make a change is to make a noise, make some noise people!

:T :T :T :T :T :T :T :T :T :T :T :T :T :T :T :T :T :T :T :T

feisty1

I think they are offering an excellent rate for a high risk lender............If yr not happy redeem yr mortgage and move............

thebigboss_2

The post wasn't for self righteous "know -it-alls" but for people who are NOT happy with the rate, negative cotributions unwelcome, fag packet advice unwelcome.

feisty1 wrote: »

I think they are offering an excellent rate for a high risk lender............If yr not happy redeem yr mortgage and move............

feisty1

This public forum is for opinion and that is my opinion........like GMAC who have chosen (quite rightly) to set the SVR at 5.75%, you have a choice also, accept or move...........take yr choice........

Mort_Gage

thebigboss wrote: »

Other lenders have reduced their SVR in line with the base rate drops

Some have, some haven't. See this post for details.

Good luck with your 'campaign' (although I think your time would be better spent looking for another mortgage deal rather than lobbying GMAC).

koexelek

feisty1 wrote: »

I think they are offering an excellent rate for a high risk lender............If yr not happy redeem yr mortgage and move............

Yes, to be fair a lot of GMAC's borrowers are currently a captive audience who don;t have the criteria to remortgage elsewhere, so taking that into account 5.75% isn't too bad, because in fairness, they could charge whatever they liked.

thebigboss_2

Your opinion fiesty1 is uneducated, like koexelek says, current GMAC clients may not have the criteria to remortgage elsewhere as LTVs have dropped placing them outside standard product criteria.

Why is GMAC's choice quite right to set their SVR at 5.75%? How can you possibly qualify such a generic statement? Posting 1,433 times doesn't qualify your opinion.

feisty1

thebigboss wrote: »

QUOTE: Your opinion fiesty1 is uneducated,
:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

Quote: like koexelek says, current GMAC clients may not have the criteria to remortgage elsewhere as LTVs have dropped placing them outside standard product criteria.....
NO it is not loan to value to blame... it is the fact they are high risk clients and no lender wants to take the risk and koexelek did not say it was due to LTV's

Why is GMAC's choice quite right to set their SVR at 5.75%? How can you possibly qualify such a generic statement? Posting 1,433 times doesn't qualify your opinion.

Without doubt I am more familiar with GMAC's exposure than you are. If you want to be taken seriously use yr command of the language in context...

Quote: ie opinion uneducated later becomes generic statement!!! :T :rotfl: :rotfl:

kieran1979

thebigboss wrote: »

Your opinion fiesty1 is uneducated, like koexelek says, current GMAC clients may not have the criteria to remortgage elsewhere as LTVs have dropped placing them outside standard product criteria.

Why is GMAC's choice quite right to set their SVR at 5.75%? How can you possibly qualify such a generic statement? Posting 1,433 times doesn't qualify your opinion.

So because someone's opinion is different to yours they're uneducated? Dear oh dear, this place cracks me up.

Well here's my obviously uneducated opinion as well -

Higher risk borrowors = higher rates. Simple as that.

feisty1

kieran1979 wrote: »

So because someone's opinion is different to yours they're uneducated? Dear oh dear, this place cracks me up. .

Oh love it! Yes, it cracks me up also...... as we quite obviously know who the uneducated one is!! :T :rotfl:

thebigboss_2

Fair enough, I'm CeMAP and CeFA qualified,

What are your qualifications directly related to the subject matter keiran1979 and fiesty1?

What annoys me is some people want to try and get a better deal for the little man and some people have nothing better to do than to throw their two pence worth in on a subject they clearly know nothing about. there's nothing simple about it keiran1979, it is in fact a higly complex issue. Tell you what, why not just reply with a glib comment about my use of grammar and score some points because it's all about helping people isn't it.

To go back to the original post.........................if you are on the GMAC SVR and you ARE either unable to move or unhappy with their SVR bieing 4.75% above the BBR follow my links and call/email them as it may have some influence.

If you are happy on that rate, great, no need to reply.

if you are neither of these, great, no need to reply

:beer: