Lenders slashing borrowers' mortgage debt by thousands

_Andy_

jess261* wrote: »

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???

There is no 'scheme'. Some lenders are offering it, some aren't.

leez_2

Have just seen this thread in the weekly email so I thought I'd follow up since I have a (small) B&B mortgage.
Just to clarify, when I called they said they are currently waiving Early Repayment Penalties but not the Mortgage Redemption charge or Deeds Production charge, which are extra and depend largely on when you took out your mortgage.
My redemption fee is £175 and the Deeds fee is £60 (nothing really, relative to the ERPs often charged but still, its £235 !).
My point is.......as always recommended on MSE..........try arguing; they have just agreed to waive my Redemption and Deeds fees as well if I pay off the capital by nend of June.......thanks MSE for the heads up !

[Deleted User]

Which lenders are offering this?

I'm with FirstActive on a tracker mortage which is currently Base+1.1%. Great, eh?

Fat_Bloke

Presume there are a few First Plus "customers" on here. Can you help me by signing an e-petition on the No10 website to try and force these FP, and other 2nd charge mortgage companies, to reduce interest rates.

If you search for the No10 website, follow the links to e-petitions and search for First Plus you should find it. Afraid I can't post a link as I am a newbie.

Thanks

FB

ecotec

Thanks for the info;have just signed the e-petition on the 10 Downing street website.

The more signatures the BETTER !

Thanks

Ecotec

hopeful12

Hi, there new to this but found this item interesting. I took out a GMAC mortgage on a 2 year deal, due to end dec this year. Though would give them a ring to find out, turns out that I have been moved to JP Morgan Stanley!! Same account number but no longer managed by GMAC,so cant take advantage of this. To say confused and angry about it is understatement. Did,nt know they could move your mortgage between lenders like that?

nicky555

my hubby and i are with Advantage and have just been offered £10,100.00 to switch. we are actually selling our house so will gain this in cash. should we now haggle for more or take the offer as it is??

dattasatta

hopeful12 wrote: »

Hi, there new to this but found this item interesting. I took out a GMAC mortgage on a 2 year deal, due to end dec this year. Though would give them a ring to find out, turns out that I have been moved to JP Morgan Stanley!! Same account number but no longer managed by GMAC,so cant take advantage of this. To say confused and angry about it is understatement. Did,nt know they could move your mortgage between lenders like that?

We took our Mortgage out with GMAC IN Sept 07 it was a 2 yr fixed at 6.14%. They sold our Mortgage to JP Morgan after 12 months I think, however at the point of taking out the mortgage we were fully aware that they may sell our Mortgage on.
When our fixed term comes to an end we will pay interest equal to 2.25% above LIBOR which as I understand is pretty low at the moment. So we will be better off staying at this rate, and overpaying (which is what we want to do).
The trick will be knowing when to buy in to a fixed rate deal again.

sammy_lou78

My partner has called GMAC this afternoon (we had a fixed 2 year mortgage with them which has finished this month). He was advised that an initial 300 people have been contacted who are being piloted for this scheme (there was no criteria used other than people who have no missed payments). And that there was no guarantee that this scheme would be passed onto other customers following the pilot.

Don't know whether to stay and chance it being rolled out to their other customers or to look for another fixed deal...

Simon_gloster

ksh123 wrote: »

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

I doubt it very very much if Swift ould do this.