Lenders slashing borrowers' mortgage debt by thousands

Simon_gloster

munnyfinder wrote: »

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.

GE and GMAC are completely different lenders. As GE are "trading" there is no way they would reduce the loan size. GMAC however sold some of their book to Topaz finance and they have been known to want to offload their book at a reduced amount.