Ex GMAC customer and confused

subtleme

I dont normally read spam but I received an email from one of the several PPI reclaims specialists stating that if I had a GMAC mortgage before 2004 I could be mis sold my mortgage and could claim.

I dont know if i would be able to claim and what i could claim for, how etc.

We originally went through a broker in March 2002 who told us that we could get a larger mortgage if we went self cert/interest only through gmac than with a normal bank/building society, the only other company he gave us a quote for was kensington but he didnt recommend we take it as they were not seen as a quality lender??. We were first time buyers and although our credit history wasnt great we were both employed and had been for a while with proof of income, 10% deposit etc. We borrowed 5 times our joint annual salaries.

We were never in arrears and in June 2004 we sold the house and moved our mortgage to someone else.

Im not interested in paying someone to reclaim on my behalf or to give a percentage of the claim on the off chance I may have one. Does anyone have a clue about this?

_Andy_

There is no claim.

roonaldo

Sorry, but reclaim what? Where is the wrong doing?
They aren't just going to chuck money at you because you borrowed too much.
Dont believe what these claim specialists tell you, they will tell you anything to get you signed up.

dunstonh

I dont normally read spam but I received an email from one of the several PPI reclaims specialists stating that if I had a GMAC mortgage before 2004 I could be mis sold my mortgage and could claim.

I think they have that the wrong way around. Mortgage regulation started in October 2004. So mis-sales could only apply to post regulation. Plus, it isnt GMAC you complain to. It is the mortgage adviser. Plus, you need to have a reason.

I dont know if i would be able to claim and what i could claim for, how etc.

What do you believe that the mortgage adviser did wrong?

We originally went through a broker in March 2002 who told us that we could get a larger mortgage if we went self cert/interest only through gmac than with a normal bank/building society, the only other company he gave us a quote for was kensington but he didnt recommend we take it as they were not seen as a quality lender??. We were first time buyers and although our credit history wasnt great we were both employed and had been for a while with proof of income, 10% deposit etc. We borrowed 5 times our joint annual salaries.

5x borrowing of joint income and "not great" credit history indicates that using a lender like them was likely to be suitable. Prime lenders were typically 3 or 4 times one salary plus one of the other or 3.5 times both.

We were never in arrears and in June 2004 we sold the house and moved our mortgage to someone else.

So, all pre-regulation then.

one of the several PPI reclaims specialists

an oxymoron is there ever was one. Most claims companies are opportunistic fly by nights putting in fake complaints so the sales rep gets a commission.