Lenders slashing borrowers' mortgage debt by thousands

Former_MSE_Guy

This thread is to discuss the following news story:

Lenders slashing borrowers' mortgage debt by thousands

Kavanne

I have a mortgage on a really low rate (BoE + 0.75%), it was self cert so tech sub prime. Do you think it might be worth me proactively asking for this?

sammy_lou78

I have a GMAC morgage which I have had for 2 years (just about to switch on to the variable rate - BOE + 2.5%). I haven't received a letter from GMAC, but wondered whether it would be worth contacting them to ask them if we could be included - we were going to start looking at switching in the next month or so?

cookieuk

Odd, just spoke to Mortgage Express (Part of B&B) and they know nothing about this. The only offer they know about is the Early repayment scheme waiver.

Do you have any other info on this?

ecotec

Does anybody know if First Plus are also running this scheme ?

Pssst

Just demonstrates that debt is good.

Pity they are not so generous with savers who are currently funding this whole debacle.

munnyfinder

sammy_lou78 wrote: »

I have a GMAC morgage which I have had for 2 years (just about to switch on to the variable rate - BOE + 2.5%). I haven't received a letter from GMAC, but wondered whether it would be worth contacting them to ask them if we could be included - we were going to start looking at switching in the next month or so?

I have a mortgage with GE money, (British mortgages abroad), which like sammy_lou is fixed at present, but due to be variable ( BOE rate +3%) at the end of 2 years in September. Does anyone know if GE is part of GMAC, and if this may apply to my mortgage? It's more difficult to find anything else in the USA at present due to their market and lending conditions as we are not resident there.

ksh123

Hi
has anyone heard if Swift Advantage are doing this?
thanks.

stphnstevey

Interesting thread

opinions4u

Pssst wrote: »

Pity they are not so generous with savers who are currently funding this whole debacle.

They're not though. The funding for most of these mortgages doesn't come from savers. That's why the likes of Northern Rock, Bradford and Bingley, HBOS etc failed as businesses.

They relied on wholesale funding and when that dried up they were dead in the water.

jess261*

hi my gmac mortgage is about to come to end of fixed rate (end of June) and i was wondering if it would be worth me ringing them to see if i can get on this scheme ???
What do you think the chances are???