Did we get a good rate?

MortgageMamma

I will look into it a bit more myself Emma (when I get time, running a business with 3 very young children at heel can be restrictive). I'm not in the habit of shooting anyone as I respect everybody has their own opinions (and I'm too laid back to be honest). When I have researched it adequately I may even post my own report for moneysavers in the near future.

emmaHarris_2

Hi MM,

I know someone who is involved (non mortgage industry) who has been asked to make a high level and independent research and review of this market and other aspects. It stems mainly from a consultant group (non industry again) who was reviewing other social issues. I was asked if I wanted to help with the review and research. Mostly in my own time. Through this and the many interviews and meetings that have taken place we have learnt quite a lot, as you will read in the sub prime thread. For example above MAKA has yet to be informed of any clause of transferring but GMAC have already completed the deal with a purchaser months before and if MAKA meets a portfolio sales criteria then the lending principles are not what they may seem. Why then would they need to use an obscure clause as if to give the impression that this decision has not already been made and it ‘may’ happen when they know it is going to happen and to whom.

My point here I think is that there may be many people who wont mind the transfer aspect but there will be some that do. The rate provided is near prime rates and is to attract also prime borrowers from the prime sector but then they will see the difference. Honestly, MM we are not here to cause alarm but hopefully add value and I hope people will see it as at least food for thought.

emmaHarris_2

running a business with 3 very young children at heel can be restrictive

I can't even start to imagine what that is like...looking after my sisters baby who lies quietly most of time is enough for me LOL:)

moggins

We've been with G-MAC for 2 years now and apart from the rises in interest rates we've never had any problems with them at all and they have never sold our mortgage. In this time our credit rating has improved drastically and this year we are looking to remortgage again. We're actually being courted by our own bank to remortgage with them but there are a lot of questions I will be asking them first as I'm a lot more knowledgeable about things.

I guess what I am trying to say is that although it may be a sub-prime mortgage, if you keep your nose clean for a couple of years then it's a very good way to show that you know how to handle your finances. As we came extremely close to losing our house 5 years ago it just shows how things can change.

As Maya Angelou says "when you know better, you do better"

emmaHarris_2

I guess what I am trying to say is that although it may be a sub-prime mortgage, if you keep your nose clean for a couple of years then it's a very good way to show that you know how to handle your finances. As we came extremely close to losing our house 5 years ago it just shows how things can change.

As Maya Angelou says "when you know better, you do better"

That is brilliant and thank you for sharing too. I am not disapproving of sub prime lenders totally and I do believe they have a place in the mortgage world. Your comments above prove that:) It can give people time to change and fix their credit but also people should be made aware of the changing mortgage world and the business modules used when comparing sub prime advertisements to mainstream lenders. Not many people are aware of whole loan sales in the mortgage world. I think they should be used for the right purposes but don’t expect too much afterwards.

I love your signature:)

emmaHarris_2

Moggins, when you do contact them is it at their offices in Berkshire?

emmaHarris_2

In this time our credit rating has improved drastically and this year we are looking to remortgage again. We're actually being courted by our own bank to remortgage with them but there are a lot of questions I will be asking them first as I'm a lot more knowledgeable about things.

Hi Moggins, this is the principle aims and objectives of the sub prime market as provided to the HM Treasury in that to help those who would normally not be considered by mainstream lenders due to adverse credit etc and help them back to the prime market where lower rates are available. I think it can go wrong where they are now more competative in rates and attracting prime borrower status from the prime sector for example those who do not have adverse credit and maybe for a business start up loans for example of many. It seems it recent times that they have strayed from the original principles of their business by giving the impression that they are comparable and work in the same ways.

homer_j_3

it wont be emma, gmac are another skipton terror....

emmaHarris_2

homer_j wrote:

it wont be emma, gmac are another skipton terror....

Good Morning Homer:) (just)!
That's what we thought too. The 700 or so employees at GMAC HQ are dealing mainly with Intermediaries who provide the 'repeat' business and the 'customer 'after care' service' will be via HML in Skipton. Again though on their website it demonstrates the power of advertisements and influence in giving the impression to potential borrowers that they are a huge business.

homer_j_3

well technically they are not in skipton they are in a small lancashire town at one of the 4 sites HML owns..