please help!

terrie42

i have a £170000 mortgage with GMAC which has been running for 2 and a bit years.
I was locked into a fixed rate of 4.75 for the first two years and that deal ended in dec 2008, i am now on the Gmacs curent svr of 5.75% and so more or less paying around £10 more a month than what i was previously paying in the fixed rate.
Why is it can someone tell me that GMAC havent given a penny back since the interest rate cuts have happened.
I have emailed and called them only to find no answer but rude c ustomer service advisors who just tell me Gmac are passing no cuts over to their customers at this time and looks like there are no plans to.
What annoys me is that they havent even passed a small amount on to their customers since the first lot on rate cuts, are they allowed to do this??

devilot

Is it too simple to suggest you shop around for a better deal if you're no longer locked in?

terrie42

devilot wrote: »

Is it too simple to suggest you shop around for a better deal if you're no longer locked in?

its going to cost me, i have thought about that...no spare cash for any more costs at this stage..are they allowed to be so hard on theiur customers this is the question?

Robert_Sterling_3

I had to Google GMAC as I had never heard of them.

Why not try a Building Society?

beecher

How much is your property worth? If your LTV is below 90% you should be able to remortgage elsewhere.

I would've thought that a 1% increase in rates would cost you more than an extra £10/month on that size of mortgage - can you post full details?

No-one can make banks cut their SVR so yes, they are allowed to do this.

beecher

terrie42 wrote: »

its going to cost me, i have thought about that...no spare cash for any more costs at this stage..are they allowed to be so hard on theiur customers this is the question?

If your LTV is below 90%, it'll cost you less in the long term to move elsewhere - what are you going to do when base rates start moving upwards?

terrie42

Robert_Sterling wrote: »

I had to Google GMAC as I had never heard of them.

Why not try a Building Society?

was introduced to gmac by an independant financial advisor, big mistake would never deal with them again after this.
They were offering a fair deal with their rates at the time...

They dont seem very helpful in wanting to hear im struggling either.....
its more of a tough luck response im getting from them.......

terrie42

my home is worth about 215,000 at this stage...
In answer to what am i going to do when rates start moving up again?...sell!..rent
i had a partner who was sharing the mortgage and is no longer around...

beecher

terrie42 wrote: »

my home is worth about 215,000 at this stage...
In answer to what am i going to do when rates start moving up again?...sell!..rent
i had a partner who was sharing the mortgage and is no longer around...

I assume from that your salary wouldn't be enough to cover a £170,000 remortgage? If it is, I'd urge you to remortgage elsewhere. If it isn't, maybe you should sell now while you have equity? Rates are only going to go up at this point -they will probably stay as they are for a while, which will give you time to sell.

terrie42

thank you all for your thoughts and advice....

terrie42

perhaps i ought to be looking round for a short term fixed, maybe 2 years??
that way am not locked in for too long in case i have to sell with redemption fees na ll that...