MAS No.5

seikothrill

I am helping my parents with a mortgage enquiry with MAS and I have to say this company is one of the worst I have encountered in my lifetime. My parents feel like they are bashing their heads against a brick wall to extract information from MAS.

For your information.

Mortgage Agency Services Number Five Ltd
PO Box 347
Plymouth
PL1 1WZ

T - 01752 236501
F - 01752 223122

kevingrahambutler

i have asked MAS to explain why my payment has doubled in four months if yhey can't justify the increase i'm hoping to take it to the ormsbusman,
i had three morgages with gmac two went with MAS and one with someone else the morgage is £216 but MAS is £490

RocketPocket

Seriously steer well clear of this company or any mortgage administered by them- many lenders SVRs have stood still since the base rate hit rock bottom at 0.5% and the LIBOR currently at 0.6%.

MAS No.5 are the only one we know of to have raised their SVR several times in recent months to increase peoples payments by up to 50% which is wholly unreflective of the current market.

In our they are not treating customers as they should which could and should be taken up by the Ombudsman and FSA - also take a look through Google searches and you will see a history of MAS No.1, MAS No.2, MAS No.3 and MAS No.4 prior to MAS No.5 - VERY CONCERNING - they adminsister mortgages on behalf of the Co-Op so BE WARNED before you take out any mortage check who it is that adminsters it.

They administer mortgages so their main/only way of making money is the interest charged on those mortgages- so if they just want to make more money they simply raise rates at will to make more money rather than draw on capital reserves or other means of making money - how the FSA and Ombudsman let them operate like that is beyond us it is totally against the interests of customers- MAS No.5 probably know that many of their customers may find it hard to transfer their mortgage so they hold them down and take their money through raising rates with justifications like "we've done a survey of the market", so "we can remain competitive" and compare their SVRs with the highest in the market NOT THE LOWEST some of which have been at 1-2% since the BOE rate hit 0.5%.

Seriously AT ALL COSTS AVOID MORTGAGE AGENCY SERVICES NUMBER 5 and ANY MORTGAGE administered by them.

sadbadduck

paulagraham01 wrote: »

I have received a second letter from MAS No.5 in 3 months announcing another increase in their interest rates on our mortgage. I challenged the first increase of 0.75% as the Bank of England rates have remained static for some time now ad received a 'this is not linked to the BOE base rate or LIBOR rate' and 'we are still competitive' type reply. They have subsequently been taken over by the COOP which was a relief (I thought) as now an ethical company owned the loan I expected that this would filter down to MAS No.5 and that there would be no further unfair increases. Spoke too soon - today there has been another letter increasing the mortgage by a further 0.76% - I will write to MAS and the COOP to see what their justification is behind this though expect a similarly weak reply. Has anyone else challenged these increases and what response have you had? Is it just me or is this unfair and un ethical during tough times when interest rates are at their lowest for a company to increase their loan rates by over 1.5%????? I want to show this company for what it really is though maybe the COOP will see sense in the error of MAS’s ways and do the right thing by borrowers – if anyone has any hints or tips or has had success in challenging them please let me know! Thanks - Paul:mad:

Hi Paula
I am currently involved with a nasty repossession case where a house was when the owner was too ill to look after his own affairs.

Do you have any infor that might help me - perhaps along the lines of mortgage repayment hikes without notice in order to create arrears - or of asking for new direct debit after taking over the mortgage from another lender then not activating it :eek:

kind regards

David Smith

sadbadduck

I am currently involved with a nasty repossession case where a house was when the owner was too ill to look after his own affairs.

Do you have any infor that might help me - perhaps along the lines of mortgage repayment hikes without notice in order to create arrears - or of asking for new direct debit after taking over the mortgage from another lender then not activating it :eek:

kind regards

David Smith
07957 388438

BurnsMoney

DO NOT USE... MORTGAGE AGENCY SERVICES NUMBER FIVE.

Not to blow my own trumpet - but I have an excellent credit rating, and have never missed a payment with MAS or anyone else for that matter, but I have STILL had problems with MAS Plymouth Branch.

At approximately the time the rates dropped in 2007 MAS No.5 decided that they needed to see a copy of all their B2Let mortgage holders insurance policys shedules each year to check the policies were in line with the 'mortgage terms'. Fair enough, although they had never needed to before. However, they seem to have neglected to put the necessary administration systems in place to cope with their own demands.

MAS have managed to loose all three of the last Insurance Shedules that the Halifax had faxed over in the last few months. And have lost them in previous years too. This year, this led to MAS setting up an unessary insurance policy on the mortgaged property to 'protect their interests as lenders'. This policy was £15 a month and £40 set up fee (for the dubious 'administration' apparently) which was all shoved onto my mortgage account to accumulate interest.

No supprise, Instead of trying to help and rectify the situation caused by them, MAS just said unless they recived the shedule there was nothing they could do, but they had been faxed it three times!

Luckily I am with th Halifax and they keep very good records, and I was able to send proof (by registered letter and also fax in the end - just to make sure) that I had indeed been insured correctly the whole time and ALSO that they had lost the documentation sent not that it had not been sent at all. They say they are now refunding me - we shall see, because this will not be the first time they have broken their word over promises made on the phone.

Interestingly the lady at the Halifax informed me that this happens with MAS more than any other company - I do think this is interesting as MAS DO have their own insurance department and DO give quotes for insurance too. It certianly feels as though they were just trying to get more business by keeping an antiquated administration system that means they can say that they do not recive things, and then simply set up policies that it is VERY hard to get cancelled even when the customer is doing all the right things.

You only have search Google for Creditgate.com and look up MORTGAGE AGENCY SERVICES NUMBER FIVE LIMITED (whole words) and you will see how many directors have resigned recently. Maybe they are all off to form MAS No.6 to line their pockets!

They say they don't have e-mail, how strange - but Britannia and Co-Op do ... and as they are a subsidary AND registered under them at the FSA you can complain to them too, or maybe get them to email your insurance shedules on (if anyone else has encountered this insurance problem)... So please do - if only to get your revenge a little. Registered address and registered email below...

New Century House, Corporation Street, Manchester, Lancashire, M60 4ES
44 01538399399
[EMAIL="michael.gill@britannia.co.uk"]michael.gill@britannia.co.uk[/EMAIL]

This is my opinion but I think the facts speak for themselves.

bleakeco29

Morning all,

So glad to see i'm not the on ly one experiencing issues with MAS No 5.

I went through my file last night further to receiving a letter on Monday 7th Feb 2011 advsiing that my mortgage was to be increased by 0.75%. Like the rest of you, my mortgage with MAS No5 has gone up and up over the past 2.5 years when base rate/LIBOR has stayed the same or come down.

They are clever in their letter by stating that the mortgage is not linked to either but they will not state what it is linked to - this is the underlying issue. I am now getting to the 'concerned stage@ because the last t iem they upped the rate, it was swiftly increased again about 2 months later.

The other issue is that they say the rate is not linked to Bse/LIBOR yet when base rate plummeted, my mortgage with them followed suit which is almost contradictory.

Does anyone know or has anyone been to the FSA/Ombudsmand over this. I feel the need to follow suit and am keen to really apply the pressure on tis one if there is a justified reason - i.e the situation we face is ridiculous.

Please let me know?

Cheers

sserfaty

Hi,
I am currently engaged with the Ombudsman in a complaint procedure against MAS number 5 for the reasons posted here:
1) Insurance and their vested interest in selling their own products under the guise of needing satisfactory evidence that insurance exists (I live in a block of flats with a managing agent so there will obviously be buildings insurance as part of the service charge)
2) And more importantly, the hikes in interest rates which have almost doubled since May 2009 (in my case) but obviously I am not alone.
PLEASE EVERYONE WHO IS IN A SIMILAR SITUATION CALL THE FINANCIAL OMBUDSMAN AFTER GOING THROUGH THE PROCEDURE WITH MAS 5. THIS IS THE ONLY WAY WE CAN CHANGE THIS!!!!!!!!!!!!!!

sserfaty

By the way the Financial Ombudsman thinks there is grounds for complaints but if we do it together we can get things investigated!!

I have great credit history and no arrears ever so I am not exactly high risk.

If anyone needs to have a chat about this, call me
Sacha
07912281531

sserfaty

bleakeco29 wrote: »

Morning all,

So glad to see i'm not the on ly one experiencing issues with MAS No 5.

I went through my file last night further to receiving a letter on Monday 7th Feb 2011 advsiing that my mortgage was to be increased by 0.75%. Like the rest of you, my mortgage with MAS No5 has gone up and up over the past 2.5 years when base rate/LIBOR has stayed the same or come down.

They are clever in their letter by stating that the mortgage is not linked to either but they will not state what it is linked to - this is the underlying issue. I am now getting to the 'concerned stage@ because the last t iem they upped the rate, it was swiftly increased again about 2 months later.

The other issue is that they say the rate is not linked to Bse/LIBOR yet when base rate plummeted, my mortgage with them followed suit which is almost contradictory.

Does anyone know or has anyone been to the FSA/Ombudsmand over this. I feel the need to follow suit and am keen to really apply the pressure on tis one if there is a justified reason - i.e the situation we face is ridiculous.

Please let me know?

Cheers

Hi ,

Please read my posts would be good if we can get some momentum behind this

sacha
07912281531